id	sid	tid	token	lemma	pos
emaj-242	1	1	volume	volume	NOUN
emaj-242	1	2	7	7	NUM
emaj-242	1	3	no	no	DET
emaj-242	1	4	2	2	NUM
emaj-242	1	5	(	(	PUNCT
emaj-242	1	6	2018	2018	NUM
emaj-242	1	7	)	)	PUNCT
emaj-242	2	1	|	|	ADV
emaj-242	2	2	issn	issn	VERB
emaj-242	2	3	2158	2158	NUM
emaj-242	2	4	-	-	SYM
emaj-242	2	5	8708	8708	NUM
emaj-242	2	6	(	(	PUNCT
emaj-242	2	7	online	online	NOUN
emaj-242	2	8	)	)	PUNCT
emaj-242	2	9	|	|	ADV
emaj-242	2	10	doi	doi	X
emaj-242	2	11	10.5195	10.5195	NUM
emaj-242	2	12	/	/	SYM
emaj-242	2	13	emaj.2018.134	emaj.2018.134	PROPN
emaj-242	3	1	|	|	ADV
emaj-242	3	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-242	3	3	effects	effect	NOUN
emaj-242	3	4	of	of	ADP
emaj-242	3	5	changes	change	NOUN
emaj-242	3	6	in	in	ADP
emaj-242	3	7	financial	financial	ADJ
emaj-242	3	8	ratios	ratio	NOUN
emaj-242	3	9	of	of	ADP
emaj-242	3	10	companies	company	NOUN
emaj-242	3	11	on	on	ADP
emaj-242	3	12	the	the	DET
emaj-242	3	13	performance	performance	NOUN
emaj-242	3	14	of	of	ADP
emaj-242	3	15	stock	stock	NOUN
emaj-242	3	16	prices	price	NOUN
emaj-242	3	17	in	in	ADP
emaj-242	3	18	the	the	DET
emaj-242	3	19	exchange	exchange	NOUN
emaj-242	3	20	market	market	NOUN
emaj-242	3	21	:	:	PUNCT
emaj-242	3	22	the	the	DET
emaj-242	3	23	automotive	automotive	ADJ
emaj-242	3	24	sector	sector	NOUN
emaj-242	3	25	nurten	nurten	PROPN
emaj-242	3	26	dönmez	dönmez	PROPN
emaj-242	3	27	beykent	beykent	PROPN
emaj-242	3	28	university	university	PROPN
emaj-242	3	29	,	,	PUNCT
emaj-242	3	30	turkey	turkey	NOUN
emaj-242	4	1	|	|	ADV
emaj-242	4	2	e	e	NOUN
emaj-242	4	3	-	-	NOUN
emaj-242	4	4	mail	mail	NOUN
emaj-242	4	5	:	:	PUNCT
emaj-242	5	1	nurtendnmz@gmail.com	nurtendnmz@gmail.com	X
emaj-242	6	1	turgut	turgut	PROPN
emaj-242	6	2	özkan	özkan	PROPN
emaj-242	6	3	doğuş	doğuş	PROPN
emaj-242	6	4	university	university	PROPN
emaj-242	6	5	,	,	PUNCT
emaj-242	6	6	turkey	turkey	PROPN
emaj-242	7	1	|	|	ADV
emaj-242	7	2	e	e	NOUN
emaj-242	7	3	-	-	NOUN
emaj-242	7	4	mail	mail	NOUN
emaj-242	7	5	:	:	PUNCT
emaj-242	7	6	tozkan@dogus.edu.tr	tozkan@dogus.edu.tr	ADJ
emaj-242	7	7	abstract	abstract	NOUN
emaj-242	7	8	by	by	ADP
emaj-242	7	9	examining	examine	VERB
emaj-242	7	10	the	the	DET
emaj-242	7	11	relationship	relationship	NOUN
emaj-242	7	12	between	between	ADP
emaj-242	7	13	financial	financial	ADJ
emaj-242	7	14	ratios	ratio	NOUN
emaj-242	7	15	of	of	ADP
emaj-242	7	16	companies	company	NOUN
emaj-242	7	17	and	and	CCONJ
emaj-242	7	18	stock	stock	NOUN
emaj-242	7	19	prices	price	NOUN
emaj-242	7	20	,	,	PUNCT
emaj-242	7	21	this	this	DET
emaj-242	7	22	study	study	NOUN
emaj-242	7	23	investigates	investigate	VERB
emaj-242	7	24	whether	whether	SCONJ
emaj-242	7	25	changes	change	NOUN
emaj-242	7	26	in	in	ADP
emaj-242	7	27	the	the	DET
emaj-242	7	28	financial	financial	ADJ
emaj-242	7	29	ratios	ratio	NOUN
emaj-242	7	30	of	of	ADP
emaj-242	7	31	companies	company	NOUN
emaj-242	7	32	affect	affect	VERB
emaj-242	7	33	stock	stock	NOUN
emaj-242	7	34	prices	price	NOUN
emaj-242	7	35	.	.	PUNCT
emaj-242	8	1	twelve	twelve	NUM
emaj-242	8	2	financial	financial	ADJ
emaj-242	8	3	ratios	ratio	NOUN
emaj-242	8	4	were	be	AUX
emaj-242	8	5	used	use	VERB
emaj-242	8	6	as	as	ADP
emaj-242	8	7	independent	independent	ADJ
emaj-242	8	8	variables	variable	NOUN
emaj-242	8	9	and	and	CCONJ
emaj-242	8	10	stock	stock	NOUN
emaj-242	8	11	price	price	NOUN
emaj-242	8	12	was	be	AUX
emaj-242	8	13	used	use	VERB
emaj-242	8	14	as	as	ADP
emaj-242	8	15	the	the	DET
emaj-242	8	16	dependent	dependent	ADJ
emaj-242	8	17	variable	variable	NOUN
emaj-242	8	18	.	.	PUNCT
emaj-242	9	1	the	the	DET
emaj-242	9	2	study	study	NOUN
emaj-242	9	3	was	be	AUX
emaj-242	9	4	conducted	conduct	VERB
emaj-242	9	5	via	via	ADP
emaj-242	9	6	panel	panel	NOUN
emaj-242	9	7	data	datum	NOUN
emaj-242	9	8	analysis	analysis	NOUN
emaj-242	9	9	method	method	NOUN
emaj-242	9	10	with	with	ADP
emaj-242	9	11	data	datum	NOUN
emaj-242	9	12	from	from	ADP
emaj-242	9	13	seven	seven	NUM
emaj-242	9	14	automotive	automotive	ADJ
emaj-242	9	15	companies	company	NOUN
emaj-242	9	16	traded	trade	VERB
emaj-242	9	17	in	in	ADP
emaj-242	9	18	borsa	borsa	PROPN
emaj-242	9	19	i̇stanbul	i̇stanbul	PROPN
emaj-242	9	20	(	(	PUNCT
emaj-242	9	21	bist	bist	NOUN
emaj-242	9	22	)	)	PUNCT
emaj-242	9	23	and	and	CCONJ
emaj-242	9	24	six	six	NUM
emaj-242	9	25	automotive	automotive	ADJ
emaj-242	9	26	companies	company	NOUN
emaj-242	9	27	traded	trade	VERB
emaj-242	9	28	in	in	ADP
emaj-242	9	29	stock	stock	NOUN
emaj-242	9	30	markets	market	NOUN
emaj-242	9	31	of	of	ADP
emaj-242	9	32	germany	germany	PROPN
emaj-242	9	33	,	,	PUNCT
emaj-242	9	34	the	the	DET
emaj-242	9	35	usa	usa	PROPN
emaj-242	9	36	,	,	PUNCT
emaj-242	9	37	and	and	CCONJ
emaj-242	9	38	sweden	sweden	VERB
emaj-242	9	39	for	for	ADP
emaj-242	9	40	the	the	DET
emaj-242	9	41	period	period	NOUN
emaj-242	9	42	of	of	ADP
emaj-242	9	43	2007q1	2007q1	NOUN
emaj-242	9	44	-	-	PUNCT
emaj-242	9	45	2018q4	2018q4	VERB
emaj-242	9	46	.	.	PUNCT
emaj-242	10	1	for	for	ADP
emaj-242	10	2	automotive	automotive	ADJ
emaj-242	10	3	companies	company	NOUN
emaj-242	10	4	traded	trade	VERB
emaj-242	10	5	in	in	ADP
emaj-242	10	6	bist	bist	NOUN
emaj-242	10	7	,	,	PUNCT
emaj-242	10	8	stock	stock	NOUN
emaj-242	10	9	price	price	NOUN
emaj-242	10	10	is	be	AUX
emaj-242	10	11	affected	affect	VERB
emaj-242	10	12	by	by	ADP
emaj-242	10	13	liquidity	liquidity	NOUN
emaj-242	10	14	ratios	ratio	NOUN
emaj-242	10	15	,	,	PUNCT
emaj-242	10	16	financial	financial	ADJ
emaj-242	10	17	structure	structure	NOUN
emaj-242	10	18	ratios	ratio	NOUN
emaj-242	10	19	,	,	PUNCT
emaj-242	10	20	and	and	CCONJ
emaj-242	10	21	activity	activity	NOUN
emaj-242	10	22	ratios	ratio	NOUN
emaj-242	10	23	but	but	CCONJ
emaj-242	10	24	there	there	PRON
emaj-242	10	25	is	be	VERB
emaj-242	10	26	no	no	DET
emaj-242	10	27	statistically	statistically	ADV
emaj-242	10	28	significant	significant	ADJ
emaj-242	10	29	relationship	relationship	NOUN
emaj-242	10	30	between	between	ADP
emaj-242	10	31	stock	stock	NOUN
emaj-242	10	32	price	price	NOUN
emaj-242	10	33	and	and	CCONJ
emaj-242	10	34	profitability	profitability	NOUN
emaj-242	10	35	ratios	ratio	NOUN
emaj-242	10	36	.	.	PUNCT
emaj-242	11	1	on	on	ADP
emaj-242	11	2	the	the	DET
emaj-242	11	3	other	other	ADJ
emaj-242	11	4	hand	hand	NOUN
emaj-242	11	5	,	,	PUNCT
emaj-242	11	6	for	for	ADP
emaj-242	11	7	the	the	DET
emaj-242	11	8	automotive	automotive	ADJ
emaj-242	11	9	companies	company	NOUN
emaj-242	11	10	traded	trade	VERB
emaj-242	11	11	in	in	ADP
emaj-242	11	12	stock	stock	NOUN
emaj-242	11	13	exchanges	exchange	NOUN
emaj-242	11	14	in	in	ADP
emaj-242	11	15	other	other	ADJ
emaj-242	11	16	countries	country	NOUN
emaj-242	11	17	,	,	PUNCT
emaj-242	11	18	stock	stock	NOUN
emaj-242	11	19	price	price	NOUN
emaj-242	11	20	is	be	AUX
emaj-242	11	21	seen	see	VERB
emaj-242	11	22	to	to	PART
emaj-242	11	23	be	be	AUX
emaj-242	11	24	affected	affect	VERB
emaj-242	11	25	by	by	ADP
emaj-242	11	26	liquidity	liquidity	NOUN
emaj-242	11	27	ratios	ratio	NOUN
emaj-242	11	28	,	,	PUNCT
emaj-242	11	29	financial	financial	ADJ
emaj-242	11	30	structure	structure	NOUN
emaj-242	11	31	ratios	ratio	NOUN
emaj-242	11	32	,	,	PUNCT
emaj-242	11	33	activity	activity	NOUN
emaj-242	11	34	ratios	ratio	NOUN
emaj-242	11	35	,	,	PUNCT
emaj-242	11	36	and	and	CCONJ
emaj-242	11	37	profitability	profitability	NOUN
emaj-242	11	38	ratios	ratio	NOUN
emaj-242	11	39	.	.	PUNCT
emaj-242	12	1	keywords	keyword	NOUN
emaj-242	12	2	:	:	PUNCT
emaj-242	12	3	finance	finance	NOUN
emaj-242	12	4	,	,	PUNCT
emaj-242	12	5	financial	financial	ADJ
emaj-242	12	6	ratio	ratio	NOUN
emaj-242	12	7	,	,	PUNCT
emaj-242	12	8	stock	stock	NOUN
emaj-242	12	9	price	price	NOUN
emaj-242	12	10	,	,	PUNCT
emaj-242	12	11	panel	panel	NOUN
emaj-242	12	12	data	datum	NOUN
emaj-242	12	13	,	,	PUNCT
emaj-242	12	14	automotive	automotive	ADJ
emaj-242	12	15	sector	sector	NOUN
emaj-242	12	16	new	new	ADJ
emaj-242	12	17	articles	article	NOUN
emaj-242	12	18	in	in	ADP
emaj-242	12	19	this	this	DET
emaj-242	12	20	journal	journal	NOUN
emaj-242	12	21	are	be	AUX
emaj-242	12	22	licensed	license	VERB
emaj-242	12	23	under	under	ADP
emaj-242	12	24	a	a	DET
emaj-242	12	25	creative	creative	ADJ
emaj-242	12	26	commons	common	NOUN
emaj-242	12	27	attribution	attribution	NOUN
emaj-242	12	28	3.0	3.0	NUM
emaj-242	12	29	united	unite	VERB
emaj-242	12	30	states	states	PROPN
emaj-242	12	31	license	license	NOUN
emaj-242	12	32	.	.	PUNCT
emaj-242	13	1	this	this	DET
emaj-242	13	2	journal	journal	NOUN
emaj-242	13	3	is	be	AUX
emaj-242	13	4	published	publish	VERB
emaj-242	13	5	by	by	ADP
emaj-242	13	6	the	the	DET
emaj-242	13	7	university	university	NOUN
emaj-242	13	8	library	library	NOUN
emaj-242	13	9	system	system	NOUN
emaj-242	13	10	of	of	ADP
emaj-242	13	11	the	the	DET
emaj-242	13	12	university	university	PROPN
emaj-242	13	13	of	of	ADP
emaj-242	13	14	pittsburgh	pittsburgh	PROPN
emaj-242	13	15	as	as	ADP
emaj-242	13	16	part	part	NOUN
emaj-242	13	17	of	of	ADP
emaj-242	13	18	its	its	PRON
emaj-242	13	19	d	d	NOUN
emaj-242	13	20	-	-	PUNCT
emaj-242	13	21	scribe	scribe	VERB
emaj-242	13	22	digital	digital	ADJ
emaj-242	13	23	publishing	publishing	NOUN
emaj-242	13	24	program	program	NOUN
emaj-242	13	25	,	,	PUNCT
emaj-242	13	26	and	and	CCONJ
emaj-242	13	27	is	be	AUX
emaj-242	13	28	cosponsored	cosponsor	VERB
emaj-242	13	29	by	by	ADP
emaj-242	13	30	the	the	DET
emaj-242	13	31	university	university	PROPN
emaj-242	13	32	of	of	ADP
emaj-242	13	33	pittsburgh	pittsburgh	PROPN
emaj-242	13	34	press	press	NOUN
emaj-242	13	35	.	.	PUNCT
emaj-242	14	1	volume	volume	NOUN
emaj-242	14	2	12	12	NUM
emaj-242	14	3	no	no	DET
emaj-242	14	4	1	1	NUM
emaj-242	14	5	(	(	PUNCT
emaj-242	14	6	2022	2022	NUM
emaj-242	14	7	)	)	PUNCT
emaj-242	14	8	|	|	ADV
emaj-242	14	9	issn	issn	VERB
emaj-242	14	10	2158	2158	NUM
emaj-242	14	11	-	-	SYM
emaj-242	14	12	8708	8708	NUM
emaj-242	14	13	(	(	PUNCT
emaj-242	14	14	online	online	NOUN
emaj-242	14	15	)	)	PUNCT
emaj-242	14	16	|	|	ADV
emaj-242	14	17	doi	doi	X
emaj-242	14	18	10.5195	10.5195	NUM
emaj-242	14	19	/	/	SYM
emaj-242	14	20	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	14	21	|	|	ADV
emaj-242	14	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-242	14	23	|	|	ADV
emaj-242	14	24	mailto:tozkan@dogus.edu.tr	mailto:tozkan@dogus.edu.tr	PROPN
emaj-242	14	25	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-242	15	1	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-242	15	2	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-242	16	1	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-242	16	2	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-242	16	3	volume	volume	NOUN
emaj-242	16	4	12	12	NUM
emaj-242	16	5	no	no	DET
emaj-242	16	6	1	1	NUM
emaj-242	16	7	(	(	PUNCT
emaj-242	16	8	2022	2022	NUM
emaj-242	16	9	)	)	PUNCT
emaj-242	16	10	|	|	ADV
emaj-242	16	11	issn	issn	VERB
emaj-242	16	12	2158	2158	NUM
emaj-242	16	13	-	-	SYM
emaj-242	16	14	8708	8708	NUM
emaj-242	16	15	(	(	PUNCT
emaj-242	16	16	online	online	NOUN
emaj-242	16	17	)	)	PUNCT
emaj-242	16	18	|	|	ADV
emaj-242	16	19	doi	doi	X
emaj-242	16	20	10.5195	10.5195	NUM
emaj-242	16	21	/	/	SYM
emaj-242	16	22	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	16	23	|	|	ADV
emaj-242	16	24	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-242	16	25	effects	effect	NOUN
emaj-242	16	26	of	of	ADP
emaj-242	16	27	changes	change	NOUN
emaj-242	16	28	in	in	ADP
emaj-242	16	29	financial	financial	ADJ
emaj-242	16	30	ratios	ratio	NOUN
emaj-242	16	31	of	of	ADP
emaj-242	16	32	companies	company	NOUN
emaj-242	16	33	on	on	ADP
emaj-242	16	34	the	the	DET
emaj-242	16	35	performance	performance	NOUN
emaj-242	16	36	of	of	ADP
emaj-242	16	37	stock	stock	NOUN
emaj-242	16	38	prices	price	NOUN
emaj-242	16	39	in	in	ADP
emaj-242	16	40	the	the	DET
emaj-242	16	41	exchange	exchange	NOUN
emaj-242	16	42	market	market	NOUN
emaj-242	16	43	:	:	PUNCT
emaj-242	16	44	the	the	DET
emaj-242	16	45	automotive	automotive	ADJ
emaj-242	16	46	sector	sector	NOUN
emaj-242	16	47	page	page	NOUN
emaj-242	16	48	|2|	|2|	ADJ
emaj-242	16	49	emerging	emerge	VERB
emaj-242	16	50	markets	market	NOUN
emaj-242	16	51	journal	journal	NOUN
emaj-242	16	52	effects	effect	NOUN
emaj-242	16	53	of	of	ADP
emaj-242	16	54	changes	change	NOUN
emaj-242	16	55	in	in	ADP
emaj-242	16	56	financial	financial	ADJ
emaj-242	16	57	ratios	ratio	NOUN
emaj-242	16	58	of	of	ADP
emaj-242	16	59	companies	company	NOUN
emaj-242	16	60	on	on	ADP
emaj-242	16	61	the	the	DET
emaj-242	16	62	performance	performance	NOUN
emaj-242	16	63	of	of	ADP
emaj-242	16	64	stock	stock	NOUN
emaj-242	16	65	prices	price	NOUN
emaj-242	16	66	in	in	ADP
emaj-242	16	67	the	the	DET
emaj-242	16	68	exchange	exchange	NOUN
emaj-242	16	69	market	market	NOUN
emaj-242	16	70	:	:	PUNCT
emaj-242	16	71	the	the	DET
emaj-242	16	72	automotive	automotive	ADJ
emaj-242	16	73	sector	sector	NOUN
emaj-242	16	74	*	*	PUNCT
emaj-242	16	75	nurten	nurten	ADJ
emaj-242	16	76	dönmez	dönmez	PROPN
emaj-242	16	77	turgut	turgut	PROPN
emaj-242	16	78	özkan	özkan	PROPN
emaj-242	16	79	i.	i.	PROPN
emaj-242	16	80	introduction	introduction	NOUN
emaj-242	16	81	the	the	DET
emaj-242	16	82	circulation	circulation	NOUN
emaj-242	16	83	of	of	ADP
emaj-242	16	84	capital	capital	NOUN
emaj-242	16	85	in	in	ADP
emaj-242	16	86	the	the	DET
emaj-242	16	87	world	world	NOUN
emaj-242	16	88	is	be	AUX
emaj-242	16	89	associated	associate	VERB
emaj-242	16	90	with	with	ADP
emaj-242	16	91	both	both	DET
emaj-242	16	92	desire	desire	NOUN
emaj-242	16	93	for	for	ADP
emaj-242	16	94	earnings	earning	NOUN
emaj-242	16	95	and	and	CCONJ
emaj-242	16	96	risk	risk	NOUN
emaj-242	16	97	aversion	aversion	NOUN
emaj-242	16	98	or	or	CCONJ
emaj-242	16	99	,	,	PUNCT
emaj-242	16	100	in	in	ADP
emaj-242	16	101	other	other	ADJ
emaj-242	16	102	words	word	NOUN
emaj-242	16	103	,	,	PUNCT
emaj-242	16	104	the	the	DET
emaj-242	16	105	return	return	NOUN
emaj-242	16	106	-	-	PUNCT
emaj-242	16	107	risk	risk	NOUN
emaj-242	16	108	dilemma	dilemma	NOUN
emaj-242	16	109	.	.	PUNCT
emaj-242	17	1	faced	face	VERB
emaj-242	17	2	with	with	ADP
emaj-242	17	3	this	this	DET
emaj-242	17	4	dilemma	dilemma	NOUN
emaj-242	17	5	,	,	PUNCT
emaj-242	17	6	investors	investor	NOUN
emaj-242	17	7	need	need	VERB
emaj-242	17	8	current	current	ADJ
emaj-242	17	9	information	information	NOUN
emaj-242	17	10	about	about	ADP
emaj-242	17	11	the	the	DET
emaj-242	17	12	structure	structure	NOUN
emaj-242	17	13	of	of	ADP
emaj-242	17	14	the	the	DET
emaj-242	17	15	market	market	NOUN
emaj-242	17	16	in	in	ADP
emaj-242	17	17	which	which	PRON
emaj-242	17	18	they	they	PRON
emaj-242	17	19	are	be	AUX
emaj-242	17	20	investing	invest	VERB
emaj-242	17	21	and	and	CCONJ
emaj-242	17	22	the	the	DET
emaj-242	17	23	formation	formation	NOUN
emaj-242	17	24	of	of	ADP
emaj-242	17	25	stock	stock	NOUN
emaj-242	17	26	prices	price	NOUN
emaj-242	17	27	to	to	PART
emaj-242	17	28	evaluate	evaluate	VERB
emaj-242	17	29	their	their	PRON
emaj-242	17	30	excess	excess	ADJ
emaj-242	17	31	funds	fund	NOUN
emaj-242	17	32	and	and	CCONJ
emaj-242	17	33	savings	saving	NOUN
emaj-242	17	34	,	,	PUNCT
emaj-242	17	35	as	as	ADV
emaj-242	17	36	well	well	ADV
emaj-242	17	37	as	as	ADP
emaj-242	17	38	to	to	PART
emaj-242	17	39	perceive	perceive	VERB
emaj-242	17	40	positive	positive	ADJ
emaj-242	17	41	or	or	CCONJ
emaj-242	17	42	negative	negative	ADJ
emaj-242	17	43	signals	signal	NOUN
emaj-242	17	44	in	in	ADP
emaj-242	17	45	that	that	DET
emaj-242	17	46	market	market	NOUN
emaj-242	17	47	.	.	PUNCT
emaj-242	18	1	prediction	prediction	NOUN
emaj-242	18	2	of	of	ADP
emaj-242	18	3	the	the	DET
emaj-242	18	4	returns	return	NOUN
emaj-242	18	5	of	of	ADP
emaj-242	18	6	stocks	stock	NOUN
emaj-242	18	7	is	be	AUX
emaj-242	18	8	an	an	DET
emaj-242	18	9	attractive	attractive	ADJ
emaj-242	18	10	topic	topic	NOUN
emaj-242	18	11	for	for	ADP
emaj-242	18	12	those	those	PRON
emaj-242	18	13	who	who	PRON
emaj-242	18	14	want	want	VERB
emaj-242	18	15	to	to	PART
emaj-242	18	16	make	make	VERB
emaj-242	18	17	a	a	DET
emaj-242	18	18	profit	profit	NOUN
emaj-242	18	19	or	or	CCONJ
emaj-242	18	20	at	at	ADP
emaj-242	18	21	least	least	ADJ
emaj-242	18	22	preserve	preserve	VERB
emaj-242	18	23	existing	exist	VERB
emaj-242	18	24	savings	saving	NOUN
emaj-242	18	25	and	and	CCONJ
emaj-242	18	26	for	for	ADP
emaj-242	18	27	all	all	DET
emaj-242	18	28	investors	investor	NOUN
emaj-242	18	29	who	who	PRON
emaj-242	18	30	seek	seek	VERB
emaj-242	18	31	the	the	DET
emaj-242	18	32	most	most	ADJ
emaj-242	18	33	return	return	NOUN
emaj-242	18	34	with	with	ADP
emaj-242	18	35	the	the	DET
emaj-242	18	36	least	least	ADJ
emaj-242	18	37	risk	risk	NOUN
emaj-242	18	38	of	of	ADP
emaj-242	18	39	loss	loss	NOUN
emaj-242	18	40	.	.	PUNCT
emaj-242	19	1	individual	individual	ADJ
emaj-242	19	2	or	or	CCONJ
emaj-242	19	3	institutional	institutional	ADJ
emaj-242	19	4	investors	investor	NOUN
emaj-242	19	5	naturally	naturally	ADV
emaj-242	19	6	want	want	VERB
emaj-242	19	7	to	to	PART
emaj-242	19	8	evaluate	evaluate	VERB
emaj-242	19	9	their	their	PRON
emaj-242	19	10	investments	investment	NOUN
emaj-242	19	11	in	in	ADP
emaj-242	19	12	a	a	DET
emaj-242	19	13	way	way	NOUN
emaj-242	19	14	that	that	PRON
emaj-242	19	15	will	will	AUX
emaj-242	19	16	allow	allow	VERB
emaj-242	19	17	them	they	PRON
emaj-242	19	18	to	to	PART
emaj-242	19	19	obtain	obtain	VERB
emaj-242	19	20	maximum	maximum	ADJ
emaj-242	19	21	return	return	NOUN
emaj-242	19	22	without	without	ADP
emaj-242	19	23	any	any	DET
emaj-242	19	24	losses	loss	NOUN
emaj-242	19	25	.	.	PUNCT
emaj-242	20	1	although	although	SCONJ
emaj-242	20	2	the	the	DET
emaj-242	20	3	main	main	ADJ
emaj-242	20	4	purpose	purpose	NOUN
emaj-242	20	5	of	of	ADP
emaj-242	20	6	investing	invest	VERB
emaj-242	20	7	in	in	ADP
emaj-242	20	8	capital	capital	NOUN
emaj-242	20	9	markets	market	NOUN
emaj-242	20	10	is	be	AUX
emaj-242	20	11	to	to	PART
emaj-242	20	12	make	make	VERB
emaj-242	20	13	a	a	DET
emaj-242	20	14	profit	profit	NOUN
emaj-242	20	15	as	as	ADP
emaj-242	20	16	a	a	DET
emaj-242	20	17	result	result	NOUN
emaj-242	20	18	of	of	ADP
emaj-242	20	19	the	the	DET
emaj-242	20	20	transactions	transaction	NOUN
emaj-242	20	21	,	,	PUNCT
emaj-242	20	22	it	it	PRON
emaj-242	20	23	is	be	AUX
emaj-242	20	24	preferable	preferable	ADJ
emaj-242	20	25	to	to	PART
emaj-242	20	26	have	have	VERB
emaj-242	20	27	the	the	DET
emaj-242	20	28	amount	amount	NOUN
emaj-242	20	29	invested	invest	VERB
emaj-242	20	30	in	in	ADP
emaj-242	20	31	a	a	DET
emaj-242	20	32	given	give	VERB
emaj-242	20	33	capital	capital	NOUN
emaj-242	20	34	market	market	NOUN
emaj-242	20	35	instrument	instrument	NOUN
emaj-242	20	36	remain	remain	VERB
emaj-242	20	37	unchanged	unchanged	ADJ
emaj-242	20	38	rather	rather	ADV
emaj-242	20	39	than	than	ADP
emaj-242	20	40	being	be	AUX
emaj-242	20	41	partially	partially	ADV
emaj-242	20	42	or	or	CCONJ
emaj-242	20	43	completely	completely	ADV
emaj-242	20	44	lost	lose	VERB
emaj-242	20	45	.	.	PUNCT
emaj-242	21	1	in	in	ADP
emaj-242	21	2	other	other	ADJ
emaj-242	21	3	words	word	NOUN
emaj-242	21	4	,	,	PUNCT
emaj-242	21	5	investors	investor	NOUN
emaj-242	21	6	must	must	AUX
emaj-242	21	7	also	also	ADV
emaj-242	21	8	consider	consider	VERB
emaj-242	21	9	this	this	DET
emaj-242	21	10	“	"	PUNCT
emaj-242	21	11	lesser	less	ADJ
emaj-242	21	12	of	of	ADP
emaj-242	21	13	two	two	NUM
emaj-242	21	14	evils	evil	NOUN
emaj-242	21	15	”	"	PUNCT
emaj-242	21	16	while	while	SCONJ
emaj-242	21	17	weighing	weigh	VERB
emaj-242	21	18	risks	risk	NOUN
emaj-242	21	19	.	.	PUNCT
emaj-242	22	1	investors	investor	NOUN
emaj-242	22	2	need	need	VERB
emaj-242	22	3	to	to	PART
emaj-242	22	4	decide	decide	VERB
emaj-242	22	5	which	which	DET
emaj-242	22	6	stock	stock	NOUN
emaj-242	22	7	to	to	PART
emaj-242	22	8	buy	buy	VERB
emaj-242	22	9	or	or	CCONJ
emaj-242	22	10	sell	sell	VERB
emaj-242	22	11	and	and	CCONJ
emaj-242	22	12	the	the	DET
emaj-242	22	13	timing	timing	NOUN
emaj-242	22	14	of	of	ADP
emaj-242	22	15	these	these	DET
emaj-242	22	16	transactions	transaction	NOUN
emaj-242	22	17	in	in	ADP
emaj-242	22	18	efforts	effort	NOUN
emaj-242	22	19	to	to	PART
emaj-242	22	20	invest	invest	VERB
emaj-242	22	21	in	in	ADP
emaj-242	22	22	stocks	stock	NOUN
emaj-242	22	23	with	with	ADP
emaj-242	22	24	the	the	DET
emaj-242	22	25	highest	high	ADJ
emaj-242	22	26	returns	return	NOUN
emaj-242	22	27	and	and	CCONJ
emaj-242	22	28	no	no	DET
emaj-242	22	29	losses	loss	NOUN
emaj-242	22	30	.	.	PUNCT
emaj-242	23	1	if	if	SCONJ
emaj-242	23	2	the	the	DET
emaj-242	23	3	wrong	wrong	ADJ
emaj-242	23	4	decision	decision	NOUN
emaj-242	23	5	is	be	AUX
emaj-242	23	6	made	make	VERB
emaj-242	23	7	in	in	ADP
emaj-242	23	8	any	any	PRON
emaj-242	23	9	of	of	ADP
emaj-242	23	10	these	these	DET
emaj-242	23	11	cases	case	NOUN
emaj-242	23	12	,	,	PUNCT
emaj-242	23	13	investors	investor	NOUN
emaj-242	23	14	may	may	AUX
emaj-242	23	15	see	see	VERB
emaj-242	23	16	lower	low	ADJ
emaj-242	23	17	levels	level	NOUN
emaj-242	23	18	of	of	ADP
emaj-242	23	19	profit	profit	NOUN
emaj-242	23	20	than	than	ADP
emaj-242	23	21	targeted	target	VERB
emaj-242	23	22	or	or	CCONJ
emaj-242	23	23	even	even	ADV
emaj-242	23	24	the	the	DET
emaj-242	23	25	loss	loss	NOUN
emaj-242	23	26	of	of	ADP
emaj-242	23	27	their	their	PRON
emaj-242	23	28	invested	invest	VERB
emaj-242	23	29	funds	fund	NOUN
emaj-242	23	30	.	.	PUNCT
emaj-242	24	1	for	for	ADP
emaj-242	24	2	this	this	DET
emaj-242	24	3	reason	reason	NOUN
emaj-242	24	4	,	,	PUNCT
emaj-242	24	5	investors	investor	NOUN
emaj-242	24	6	need	need	VERB
emaj-242	24	7	foresight	foresight	NOUN
emaj-242	24	8	or	or	CCONJ
emaj-242	24	9	predictions	prediction	NOUN
emaj-242	24	10	about	about	ADP
emaj-242	24	11	the	the	DET
emaj-242	24	12	future	future	ADJ
emaj-242	24	13	returns	return	NOUN
emaj-242	24	14	of	of	ADP
emaj-242	24	15	stocks	stock	NOUN
emaj-242	24	16	in	in	ADP
emaj-242	24	17	order	order	NOUN
emaj-242	24	18	to	to	PART
emaj-242	24	19	decide	decide	VERB
emaj-242	24	20	which	which	DET
emaj-242	24	21	stocks	stock	NOUN
emaj-242	24	22	to	to	PART
emaj-242	24	23	invest	invest	VERB
emaj-242	24	24	in	in	ADP
emaj-242	24	25	or	or	CCONJ
emaj-242	24	26	to	to	PART
emaj-242	24	27	make	make	VERB
emaj-242	24	28	appropriate	appropriate	ADJ
emaj-242	24	29	decisions	decision	NOUN
emaj-242	24	30	about	about	ADP
emaj-242	24	31	the	the	DET
emaj-242	24	32	timing	timing	NOUN
emaj-242	24	33	of	of	ADP
emaj-242	24	34	buying	buying	NOUN
emaj-242	24	35	or	or	CCONJ
emaj-242	24	36	selling	sell	VERB
emaj-242	24	37	stocks	stock	NOUN
emaj-242	24	38	.	.	PUNCT
emaj-242	25	1	investors	investor	NOUN
emaj-242	25	2	accordingly	accordingly	ADV
emaj-242	25	3	undertake	undertake	VERB
emaj-242	25	4	some	some	DET
emaj-242	25	5	research	research	NOUN
emaj-242	25	6	and	and	CCONJ
emaj-242	25	7	analysis	analysis	NOUN
emaj-242	25	8	before	before	ADP
emaj-242	25	9	investing	invest	VERB
emaj-242	25	10	in	in	ADP
emaj-242	25	11	stocks	stock	NOUN
emaj-242	25	12	to	to	PART
emaj-242	25	13	keep	keep	VERB
emaj-242	25	14	the	the	DET
emaj-242	25	15	risk	risk	NOUN
emaj-242	25	16	of	of	ADP
emaj-242	25	17	loss	loss	NOUN
emaj-242	25	18	at	at	ADP
emaj-242	25	19	a	a	DET
emaj-242	25	20	minimum	minimum	NOUN
emaj-242	25	21	.	.	PUNCT
emaj-242	26	1	fundamental	fundamental	ADJ
emaj-242	26	2	analysis	analysis	NOUN
emaj-242	26	3	and	and	CCONJ
emaj-242	26	4	technical	technical	ADJ
emaj-242	26	5	analysis	analysis	NOUN
emaj-242	26	6	are	be	AUX
emaj-242	26	7	two	two	NUM
emaj-242	26	8	types	type	NOUN
emaj-242	26	9	of	of	ADP
emaj-242	26	10	analysis	analysis	NOUN
emaj-242	26	11	frequently	frequently	ADV
emaj-242	26	12	used	use	VERB
emaj-242	26	13	in	in	ADP
emaj-242	26	14	financial	financial	ADJ
emaj-242	26	15	markets	market	NOUN
emaj-242	26	16	to	to	PART
emaj-242	26	17	guide	guide	VERB
emaj-242	26	18	investors	investor	NOUN
emaj-242	26	19	’	'	PUNCT
emaj-242	26	20	decisions	decision	NOUN
emaj-242	26	21	.	.	PUNCT
emaj-242	27	1	the	the	DET
emaj-242	27	2	current	current	ADJ
emaj-242	27	3	study	study	NOUN
emaj-242	27	4	explores	explore	NOUN
emaj-242	27	5	whether	whether	SCONJ
emaj-242	27	6	changes	change	NOUN
emaj-242	27	7	over	over	ADP
emaj-242	27	8	time	time	NOUN
emaj-242	27	9	in	in	ADP
emaj-242	27	10	12	12	NUM
emaj-242	27	11	financial	financial	ADJ
emaj-242	27	12	ratios	ratio	NOUN
emaj-242	27	13	used	use	VERB
emaj-242	27	14	in	in	ADP
emaj-242	27	15	making	make	VERB
emaj-242	27	16	investment	investment	NOUN
emaj-242	27	17	decisions	decision	NOUN
emaj-242	27	18	,	,	PUNCT
emaj-242	27	19	selected	select	VERB
emaj-242	27	20	from	from	ADP
emaj-242	27	21	ratios	ratio	NOUN
emaj-242	27	22	utilized	utilize	VERB
emaj-242	27	23	in	in	ADP
emaj-242	27	24	the	the	DET
emaj-242	27	25	fundamental	fundamental	ADJ
emaj-242	27	26	analysis	analysis	NOUN
emaj-242	27	27	of	of	ADP
emaj-242	27	28	financial	financial	ADJ
emaj-242	27	29	statements	statement	NOUN
emaj-242	27	30	,	,	PUNCT
emaj-242	27	31	affect	affect	VERB
emaj-242	27	32	the	the	DET
emaj-242	27	33	stock	stock	NOUN
emaj-242	27	34	prices	price	NOUN
emaj-242	27	35	of	of	ADP
emaj-242	27	36	companies	company	NOUN
emaj-242	27	37	*	*	PUNCT
emaj-242	27	38	this	this	DET
emaj-242	27	39	study	study	NOUN
emaj-242	27	40	has	have	AUX
emaj-242	27	41	been	be	AUX
emaj-242	27	42	produced	produce	VERB
emaj-242	27	43	from	from	ADP
emaj-242	27	44	the	the	DET
emaj-242	27	45	doctoral	doctoral	ADJ
emaj-242	27	46	thesis	thesis	NOUN
emaj-242	27	47	prepared	prepare	VERB
emaj-242	27	48	by	by	ADP
emaj-242	27	49	the	the	DET
emaj-242	27	50	first	first	ADJ
emaj-242	27	51	author	author	NOUN
emaj-242	27	52	under	under	ADP
emaj-242	27	53	the	the	DET
emaj-242	27	54	supervision	supervision	NOUN
emaj-242	27	55	of	of	ADP
emaj-242	27	56	the	the	DET
emaj-242	27	57	second	second	ADJ
emaj-242	27	58	author	author	NOUN
emaj-242	27	59	.	.	PUNCT
emaj-242	28	1	in	in	ADP
emaj-242	28	2	the	the	DET
emaj-242	28	3	automotive	automotive	ADJ
emaj-242	28	4	sector	sector	NOUN
emaj-242	28	5	.	.	PUNCT
emaj-242	29	1	changes	change	NOUN
emaj-242	29	2	in	in	ADP
emaj-242	29	3	the	the	DET
emaj-242	29	4	ratios	ratio	NOUN
emaj-242	29	5	obtained	obtain	VERB
emaj-242	29	6	from	from	ADP
emaj-242	29	7	the	the	DET
emaj-242	29	8	financial	financial	ADJ
emaj-242	29	9	statements	statement	NOUN
emaj-242	29	10	of	of	ADP
emaj-242	29	11	six	six	NUM
emaj-242	29	12	automotive	automotive	ADJ
emaj-242	29	13	companies	company	NOUN
emaj-242	29	14	traded	trade	VERB
emaj-242	29	15	in	in	ADP
emaj-242	29	16	various	various	ADJ
emaj-242	29	17	stock	stock	NOUN
emaj-242	29	18	exchanges	exchange	NOUN
emaj-242	29	19	in	in	ADP
emaj-242	29	20	other	other	ADJ
emaj-242	29	21	countries	country	NOUN
emaj-242	29	22	(	(	PUNCT
emaj-242	29	23	germany	germany	PROPN
emaj-242	29	24	,	,	PUNCT
emaj-242	29	25	usa	usa	PROPN
emaj-242	29	26	,	,	PUNCT
emaj-242	29	27	sweden	sweden	PROPN
emaj-242	29	28	)	)	PUNCT
emaj-242	29	29	and	and	CCONJ
emaj-242	29	30	seven	seven	NUM
emaj-242	29	31	automotive	automotive	ADJ
emaj-242	29	32	companies	company	NOUN
emaj-242	29	33	traded	trade	VERB
emaj-242	29	34	in	in	ADP
emaj-242	29	35	turkey	turkey	NOUN
emaj-242	29	36	(	(	PUNCT
emaj-242	29	37	bist	bist	NOUN
emaj-242	29	38	:	:	PUNCT
emaj-242	29	39	borsa	borsa	PROPN
emaj-242	29	40	istanbul	istanbul	PROPN
emaj-242	29	41	a.ş	a.ş	PROPN
emaj-242	29	42	.	.	PROPN
emaj-242	29	43	)	)	PUNCT
emaj-242	29	44	are	be	AUX
emaj-242	29	45	evaluated	evaluate	VERB
emaj-242	29	46	to	to	PART
emaj-242	29	47	identify	identify	VERB
emaj-242	29	48	the	the	DET
emaj-242	29	49	presence	presence	NOUN
emaj-242	29	50	of	of	ADP
emaj-242	29	51	any	any	DET
emaj-242	29	52	effects	effect	NOUN
emaj-242	29	53	on	on	ADP
emaj-242	29	54	prices	price	NOUN
emaj-242	29	55	.	.	PUNCT
emaj-242	30	1	ii	ii	PROPN
emaj-242	30	2	.	.	PUNCT
emaj-242	31	1	theoretical	theoretical	ADJ
emaj-242	31	2	framework	framework	NOUN
emaj-242	31	3	when	when	SCONJ
emaj-242	31	4	we	we	PRON
emaj-242	31	5	look	look	VERB
emaj-242	31	6	at	at	ADP
emaj-242	31	7	the	the	DET
emaj-242	31	8	studies	study	NOUN
emaj-242	31	9	in	in	ADP
emaj-242	31	10	the	the	DET
emaj-242	31	11	literature	literature	NOUN
emaj-242	31	12	on	on	ADP
emaj-242	31	13	the	the	DET
emaj-242	31	14	price	price	NOUN
emaj-242	31	15	movements	movement	NOUN
emaj-242	31	16	of	of	ADP
emaj-242	31	17	stocks	stock	NOUN
emaj-242	31	18	,	,	PUNCT
emaj-242	31	19	the	the	DET
emaj-242	31	20	earliest	early	ADJ
emaj-242	31	21	studies	study	NOUN
emaj-242	31	22	considered	consider	VERB
emaj-242	31	23	whether	whether	SCONJ
emaj-242	31	24	there	there	PRON
emaj-242	31	25	is	be	VERB
emaj-242	31	26	any	any	DET
emaj-242	31	27	underlying	underlie	VERB
emaj-242	31	28	system	system	NOUN
emaj-242	31	29	to	to	ADP
emaj-242	31	30	the	the	DET
emaj-242	31	31	formation	formation	NOUN
emaj-242	31	32	of	of	ADP
emaj-242	31	33	price	price	NOUN
emaj-242	31	34	movements	movement	NOUN
emaj-242	31	35	,	,	PUNCT
emaj-242	31	36	such	such	ADJ
emaj-242	31	37	as	as	ADP
emaj-242	31	38	the	the	DET
emaj-242	31	39	work	work	NOUN
emaj-242	31	40	undertaken	undertake	VERB
emaj-242	31	41	by	by	ADP
emaj-242	31	42	kendall	kendall	PROPN
emaj-242	31	43	and	and	CCONJ
emaj-242	31	44	hill	hill	PROPN
emaj-242	31	45	kendall	kendall	PROPN
emaj-242	31	46	and	and	CCONJ
emaj-242	31	47	hill	hill	PROPN
emaj-242	31	48	(	(	PUNCT
emaj-242	31	49	1953	1953	NUM
emaj-242	31	50	)	)	PUNCT
emaj-242	31	51	.	.	PUNCT
emaj-242	32	1	much	much	ADJ
emaj-242	32	2	of	of	ADP
emaj-242	32	3	the	the	DET
emaj-242	32	4	early	early	ADJ
emaj-242	32	5	literature	literature	NOUN
emaj-242	32	6	on	on	ADP
emaj-242	32	7	market	market	NOUN
emaj-242	32	8	efficiency	efficiency	NOUN
emaj-242	32	9	tested	test	VERB
emaj-242	32	10	whether	whether	SCONJ
emaj-242	32	11	price	price	NOUN
emaj-242	32	12	changes	change	NOUN
emaj-242	32	13	can	can	AUX
emaj-242	32	14	be	be	AUX
emaj-242	32	15	predicted	predict	VERB
emaj-242	32	16	using	use	VERB
emaj-242	32	17	past	past	ADJ
emaj-242	32	18	returns	return	NOUN
emaj-242	32	19	.	.	PUNCT
emaj-242	33	1	empirical	empirical	ADJ
emaj-242	33	2	studies	study	NOUN
emaj-242	33	3	were	be	AUX
emaj-242	33	4	later	later	ADV
emaj-242	33	5	carried	carry	VERB
emaj-242	33	6	out	out	ADP
emaj-242	33	7	on	on	ADP
emaj-242	33	8	interest	interest	NOUN
emaj-242	33	9	rates	rate	NOUN
emaj-242	33	10	and	and	CCONJ
emaj-242	33	11	dividend	dividend	NOUN
emaj-242	33	12	yields	yield	NOUN
emaj-242	33	13	,	,	PUNCT
emaj-242	33	14	and	and	CCONJ
emaj-242	33	15	estimates	estimate	NOUN
emaj-242	33	16	were	be	AUX
emaj-242	33	17	expanded	expand	VERB
emaj-242	33	18	to	to	PART
emaj-242	33	19	include	include	VERB
emaj-242	33	20	other	other	ADJ
emaj-242	33	21	variables	variable	NOUN
emaj-242	33	22	such	such	ADJ
emaj-242	33	23	as	as	ADP
emaj-242	33	24	book	book	NOUN
emaj-242	33	25	value	value	NOUN
emaj-242	33	26	/	/	SYM
emaj-242	33	27	market	market	NOUN
emaj-242	33	28	value	value	NOUN
emaj-242	33	29	ratio	ratio	NOUN
emaj-242	33	30	(	(	PUNCT
emaj-242	33	31	bv	bv	PROPN
emaj-242	33	32	/	/	SYM
emaj-242	33	33	mv	mv	PROPN
emaj-242	33	34	)	)	PUNCT
emaj-242	33	35	and	and	CCONJ
emaj-242	33	36	price	price	NOUN
emaj-242	33	37	/	/	SYM
emaj-242	33	38	earnings	earning	NOUN
emaj-242	33	39	ratio	ratio	NOUN
emaj-242	33	40	(	(	PUNCT
emaj-242	33	41	p	p	X
emaj-242	33	42	/	/	SYM
emaj-242	33	43	e	e	NOUN
emaj-242	33	44	)	)	PUNCT
emaj-242	33	45	(	(	PUNCT
emaj-242	33	46	lewellen	lewellen	NOUN
emaj-242	33	47	,	,	PUNCT
emaj-242	33	48	2004	2004	NUM
emaj-242	33	49	)	)	PUNCT
emaj-242	33	50	.	.	PUNCT
emaj-242	34	1	kothari	kothari	PROPN
emaj-242	34	2	et	et	PROPN
emaj-242	34	3	al	al	PROPN
emaj-242	34	4	.	.	PROPN
emaj-242	34	5	(	(	PUNCT
emaj-242	34	6	1995	1995	NUM
emaj-242	34	7	)	)	PUNCT
emaj-242	34	8	reconsidered	reconsider	VERB
emaj-242	34	9	whether	whether	SCONJ
emaj-242	34	10	beta	beta	NOUN
emaj-242	34	11	(	(	PUNCT
emaj-242	34	12	β	β	NOUN
emaj-242	34	13	)	)	PUNCT
emaj-242	34	14	explains	explain	VERB
emaj-242	34	15	portfolio	portfolio	NOUN
emaj-242	34	16	returns	return	NOUN
emaj-242	34	17	,	,	PUNCT
emaj-242	34	18	showing	show	VERB
emaj-242	34	19	that	that	SCONJ
emaj-242	34	20	β	β	PROPN
emaj-242	34	21	is	be	AUX
emaj-242	34	22	reflected	reflect	VERB
emaj-242	34	23	in	in	ADP
emaj-242	34	24	returns	return	NOUN
emaj-242	34	25	in	in	ADP
emaj-242	34	26	the	the	DET
emaj-242	34	27	annual	annual	ADJ
emaj-242	34	28	period	period	NOUN
emaj-242	34	29	as	as	ADP
emaj-242	34	30	a	a	DET
emaj-242	34	31	result	result	NOUN
emaj-242	34	32	of	of	ADP
emaj-242	34	33	their	their	PRON
emaj-242	34	34	studies	study	NOUN
emaj-242	34	35	conducted	conduct	VERB
emaj-242	34	36	with	with	ADP
emaj-242	34	37	data	datum	NOUN
emaj-242	34	38	from	from	ADP
emaj-242	34	39	after	after	ADP
emaj-242	34	40	1926	1926	NUM
emaj-242	34	41	and	and	CCONJ
emaj-242	34	42	after	after	ADP
emaj-242	34	43	1940	1940	NUM
emaj-242	34	44	obtained	obtain	VERB
emaj-242	34	45	from	from	ADP
emaj-242	34	46	compustat	compustat	NOUN
emaj-242	34	47	.	.	PUNCT
emaj-242	35	1	they	they	PRON
emaj-242	35	2	noted	note	VERB
emaj-242	35	3	,	,	PUNCT
emaj-242	35	4	however	however	ADV
emaj-242	35	5	,	,	PUNCT
emaj-242	35	6	that	that	SCONJ
emaj-242	35	7	this	this	PRON
emaj-242	35	8	does	do	AUX
emaj-242	35	9	not	not	PART
emaj-242	35	10	mean	mean	VERB
emaj-242	35	11	that	that	SCONJ
emaj-242	35	12	it	it	PRON
emaj-242	35	13	alone	alone	ADV
emaj-242	35	14	can	can	AUX
emaj-242	35	15	explain	explain	VERB
emaj-242	35	16	all	all	DET
emaj-242	35	17	variations	variation	NOUN
emaj-242	35	18	of	of	ADP
emaj-242	35	19	expected	expect	VERB
emaj-242	35	20	returns	return	NOUN
emaj-242	35	21	,	,	PUNCT
emaj-242	35	22	as	as	ADP
emaj-242	35	23	in	in	ADP
emaj-242	35	24	capital	capital	NOUN
emaj-242	35	25	asset	asset	NOUN
emaj-242	35	26	pricing	pricing	NOUN
emaj-242	35	27	models	model	NOUN
emaj-242	35	28	.	.	PUNCT
emaj-242	36	1	they	they	PRON
emaj-242	36	2	also	also	ADV
emaj-242	36	3	underlined	underline	VERB
emaj-242	36	4	that	that	SCONJ
emaj-242	36	5	there	there	PRON
emaj-242	36	6	is	be	VERB
emaj-242	36	7	no	no	DET
emaj-242	36	8	significant	significant	ADJ
emaj-242	36	9	relationship	relationship	NOUN
emaj-242	36	10	between	between	ADP
emaj-242	36	11	bv	bv	PROPN
emaj-242	36	12	/	/	SYM
emaj-242	36	13	mv	mv	PROPN
emaj-242	36	14	and	and	CCONJ
emaj-242	36	15	return	return	VERB
emaj-242	36	16	,	,	PUNCT
emaj-242	36	17	claiming	claim	VERB
emaj-242	36	18	that	that	SCONJ
emaj-242	36	19	the	the	DET
emaj-242	36	20	size	size	NOUN
emaj-242	36	21	effect	effect	NOUN
emaj-242	36	22	is	be	AUX
emaj-242	36	23	explanatory	explanatory	ADJ
emaj-242	36	24	.	.	PUNCT
emaj-242	37	1	kothari	kothari	PROPN
emaj-242	37	2	and	and	CCONJ
emaj-242	37	3	shanken	shanken	VERB
emaj-242	37	4	(	(	PUNCT
emaj-242	37	5	1997	1997	NUM
emaj-242	37	6	)	)	PUNCT
emaj-242	37	7	subsequently	subsequently	ADV
emaj-242	37	8	investigated	investigate	VERB
emaj-242	37	9	the	the	DET
emaj-242	37	10	power	power	NOUN
emaj-242	37	11	of	of	ADP
emaj-242	37	12	the	the	DET
emaj-242	37	13	bv	bv	PROPN
emaj-242	37	14	/	/	SYM
emaj-242	37	15	mv	mv	PROPN
emaj-242	37	16	ratio	ratio	NOUN
emaj-242	37	17	to	to	PART
emaj-242	37	18	predict	predict	VERB
emaj-242	37	19	expected	expect	VERB
emaj-242	37	20	return	return	NOUN
emaj-242	37	21	in	in	ADP
emaj-242	37	22	a	a	DET
emaj-242	37	23	study	study	NOUN
emaj-242	37	24	covering	cover	VERB
emaj-242	37	25	the	the	DET
emaj-242	37	26	periods	period	NOUN
emaj-242	37	27	of	of	ADP
emaj-242	37	28	19261991	19261991	NUM
emaj-242	37	29	and	and	CCONJ
emaj-242	37	30	1941	1941	NUM
emaj-242	37	31	-	-	SYM
emaj-242	37	32	1991	1991	NUM
emaj-242	37	33	and	and	CCONJ
emaj-242	37	34	concluded	conclude	VERB
emaj-242	37	35	that	that	SCONJ
emaj-242	37	36	power	power	NOUN
emaj-242	37	37	to	to	PART
emaj-242	37	38	be	be	AUX
emaj-242	37	39	insufficient	insufficient	ADJ
emaj-242	37	40	.	.	PUNCT
emaj-242	38	1	khadafi	khadafi	PROPN
emaj-242	38	2	et	et	PROPN
emaj-242	38	3	al	al	PROPN
emaj-242	38	4	.	.	PROPN
emaj-242	39	1	(	(	PUNCT
emaj-242	39	2	2014	2014	NUM
emaj-242	39	3	)	)	PUNCT
emaj-242	39	4	analyzed	analyze	VERB
emaj-242	39	5	the	the	DET
emaj-242	39	6	annual	annual	ADJ
emaj-242	39	7	financial	financial	ADJ
emaj-242	39	8	data	datum	NOUN
emaj-242	39	9	of	of	ADP
emaj-242	39	10	12	12	NUM
emaj-242	39	11	automotive	automotive	ADJ
emaj-242	39	12	companies	company	NOUN
emaj-242	39	13	traded	trade	VERB
emaj-242	39	14	in	in	ADP
emaj-242	39	15	the	the	DET
emaj-242	39	16	indonesian	indonesian	ADJ
emaj-242	39	17	stock	stock	PROPN
emaj-242	39	18	exchange	exchange	PROPN
emaj-242	39	19	between	between	ADP
emaj-242	39	20	2008	2008	NUM
emaj-242	39	21	and	and	CCONJ
emaj-242	39	22	2012	2012	NUM
emaj-242	39	23	and	and	CCONJ
emaj-242	39	24	investigated	investigate	VERB
emaj-242	39	25	the	the	DET
emaj-242	39	26	effects	effect	NOUN
emaj-242	39	27	of	of	ADP
emaj-242	39	28	financial	financial	ADJ
emaj-242	39	29	ratios	ratio	NOUN
emaj-242	39	30	on	on	ADP
emaj-242	39	31	business	business	NOUN
emaj-242	39	32	performance	performance	NOUN
emaj-242	39	33	.	.	PUNCT
emaj-242	40	1	they	they	PRON
emaj-242	40	2	found	find	VERB
emaj-242	40	3	that	that	DET
emaj-242	40	4	return	return	NOUN
emaj-242	40	5	on	on	ADP
emaj-242	40	6	assets	asset	NOUN
emaj-242	40	7	(	(	PUNCT
emaj-242	40	8	roa	roa	NOUN
emaj-242	40	9	)	)	PUNCT
emaj-242	40	10	,	,	PUNCT
emaj-242	40	11	return	return	VERB
emaj-242	40	12	on	on	ADP
emaj-242	40	13	equity	equity	NOUN
emaj-242	40	14	(	(	PUNCT
emaj-242	40	15	roe	roe	PROPN
emaj-242	40	16	)	)	PUNCT
emaj-242	40	17	,	,	PUNCT
emaj-242	40	18	and	and	CCONJ
emaj-242	40	19	net	net	ADJ
emaj-242	40	20	profit	profit	NOUN
emaj-242	40	21	margin	margin	NOUN
emaj-242	40	22	had	have	VERB
emaj-242	40	23	positive	positive	ADJ
emaj-242	40	24	significant	significant	ADJ
emaj-242	40	25	effects	effect	NOUN
emaj-242	40	26	on	on	ADP
emaj-242	40	27	the	the	DET
emaj-242	40	28	profit	profit	NOUN
emaj-242	40	29	growth	growth	NOUN
emaj-242	40	30	of	of	ADP
emaj-242	40	31	automotive	automotive	ADJ
emaj-242	40	32	companies	company	NOUN
emaj-242	40	33	while	while	SCONJ
emaj-242	40	34	the	the	DET
emaj-242	40	35	debt	debt	NOUN
emaj-242	40	36	/	/	SYM
emaj-242	40	37	equity	equity	NOUN
emaj-242	40	38	ratio	ratio	NOUN
emaj-242	40	39	and	and	CCONJ
emaj-242	40	40	current	current	ADJ
emaj-242	40	41	ratio	ratio	NOUN
emaj-242	40	42	had	have	VERB
emaj-242	40	43	significant	significant	ADJ
emaj-242	40	44	negative	negative	ADJ
emaj-242	40	45	effects	effect	NOUN
emaj-242	40	46	on	on	ADP
emaj-242	40	47	the	the	DET
emaj-242	40	48	corporate	corporate	ADJ
emaj-242	40	49	earnings	earning	NOUN
emaj-242	40	50	growth	growth	NOUN
emaj-242	40	51	of	of	ADP
emaj-242	40	52	these	these	DET
emaj-242	40	53	companies	company	NOUN
emaj-242	40	54	.	.	PUNCT
emaj-242	41	1	pal	pal	NOUN
emaj-242	41	2	(	(	PUNCT
emaj-242	41	3	2015	2015	NUM
emaj-242	41	4	)	)	PUNCT
emaj-242	41	5	aimed	aim	VERB
emaj-242	41	6	to	to	PART
emaj-242	41	7	reduce	reduce	VERB
emaj-242	41	8	the	the	DET
emaj-242	41	9	number	number	NOUN
emaj-242	41	10	of	of	ADP
emaj-242	41	11	ratios	ratio	NOUN
emaj-242	41	12	used	use	VERB
emaj-242	41	13	to	to	PART
emaj-242	41	14	reflect	reflect	VERB
emaj-242	41	15	the	the	DET
emaj-242	41	16	real	real	ADJ
emaj-242	41	17	financial	financial	ADJ
emaj-242	41	18	situation	situation	NOUN
emaj-242	41	19	of	of	ADP
emaj-242	41	20	the	the	DET
emaj-242	41	21	indian	indian	ADJ
emaj-242	41	22	automobile	automobile	NOUN
emaj-242	41	23	industry	industry	NOUN
emaj-242	41	24	and	and	CCONJ
emaj-242	41	25	find	find	VERB
emaj-242	41	26	individual	individual	ADJ
emaj-242	41	27	variables	variable	NOUN
emaj-242	41	28	affecting	affect	VERB
emaj-242	41	29	the	the	DET
emaj-242	41	30	profitability	profitability	NOUN
emaj-242	41	31	of	of	ADP
emaj-242	41	32	that	that	DET
emaj-242	41	33	industry	industry	NOUN
emaj-242	41	34	,	,	PUNCT
emaj-242	41	35	which	which	PRON
emaj-242	41	36	has	have	AUX
emaj-242	41	37	developed	develop	VERB
emaj-242	41	38	in	in	ADP
emaj-242	41	39	recent	recent	ADJ
emaj-242	41	40	years	year	NOUN
emaj-242	41	41	but	but	CCONJ
emaj-242	41	42	has	have	AUX
emaj-242	41	43	faced	face	VERB
emaj-242	41	44	various	various	ADJ
emaj-242	41	45	obstacles	obstacle	NOUN
emaj-242	41	46	due	due	ADP
emaj-242	41	47	to	to	ADP
emaj-242	41	48	financial	financial	ADJ
emaj-242	41	49	difficulties	difficulty	NOUN
emaj-242	41	50	in	in	ADP
emaj-242	41	51	the	the	DET
emaj-242	41	52	domestic	domestic	ADJ
emaj-242	41	53	market	market	NOUN
emaj-242	41	54	.	.	PUNCT
emaj-242	42	1	he	he	PRON
emaj-242	42	2	began	begin	VERB
emaj-242	42	3	working	work	VERB
emaj-242	42	4	with	with	ADP
emaj-242	42	5	36	36	NUM
emaj-242	42	6	financial	financial	ADJ
emaj-242	42	7	ratios	ratio	NOUN
emaj-242	42	8	for	for	ADP
emaj-242	42	9	the	the	DET
emaj-242	42	10	period	period	NOUN
emaj-242	42	11	of	of	ADP
emaj-242	42	12	1999	1999	NUM
emaj-242	42	13	-	-	SYM
emaj-242	42	14	2014	2014	NUM
emaj-242	42	15	and	and	CCONJ
emaj-242	42	16	reduced	reduce	VERB
emaj-242	42	17	that	that	DET
emaj-242	42	18	number	number	NOUN
emaj-242	42	19	to	to	ADP
emaj-242	42	20	13	13	NUM
emaj-242	42	21	,	,	PUNCT
emaj-242	42	22	finding	find	VERB
emaj-242	42	23	that	that	SCONJ
emaj-242	42	24	total	total	ADJ
emaj-242	42	25	working	work	VERB
emaj-242	42	26	capital	capital	NOUN
emaj-242	42	27	/	/	SYM
emaj-242	42	28	total	total	ADJ
emaj-242	42	29	assets	asset	NOUN
emaj-242	42	30	,	,	PUNCT
emaj-242	42	31	inventory	inventory	NOUN
emaj-242	42	32	turnover	turnover	NOUN
emaj-242	42	33	,	,	PUNCT
emaj-242	42	34	and	and	CCONJ
emaj-242	42	35	volume	volume	NOUN
emaj-242	42	36	12	12	NUM
emaj-242	42	37	no	no	DET
emaj-242	42	38	1	1	NUM
emaj-242	42	39	(	(	PUNCT
emaj-242	42	40	2022	2022	NUM
emaj-242	42	41	)	)	PUNCT
emaj-242	42	42	|	|	ADV
emaj-242	42	43	issn	issn	VERB
emaj-242	42	44	2158	2158	NUM
emaj-242	42	45	-	-	SYM
emaj-242	42	46	8708	8708	NUM
emaj-242	42	47	(	(	PUNCT
emaj-242	42	48	online	online	NOUN
emaj-242	42	49	)	)	PUNCT
emaj-242	42	50	|	|	ADV
emaj-242	42	51	doi	doi	X
emaj-242	42	52	10.5195	10.5195	NUM
emaj-242	42	53	/	/	SYM
emaj-242	42	54	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	42	55	|	|	ADV
emaj-242	42	56	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-242	42	57	nurten	nurten	PROPN
emaj-242	42	58	dönmez	dönmez	NOUN
emaj-242	42	59	,	,	PUNCT
emaj-242	42	60	turgut	turgut	VERB
emaj-242	42	61	özkan	özkan	VERB
emaj-242	42	62	emerging	emerge	VERB
emaj-242	42	63	markets	market	NOUN
emaj-242	42	64	journal	journal	NOUN
emaj-242	42	65	|	|	ADV
emaj-242	42	66	p	p	NOUN
emaj-242	42	67	a	a	DET
emaj-242	42	68	g	g	NOUN
emaj-242	42	69	e	e	NOUN
emaj-242	42	70	3	3	NUM
emaj-242	42	71	dividend	dividend	NOUN
emaj-242	42	72	payout	payout	NOUN
emaj-242	42	73	ratios	ratio	NOUN
emaj-242	42	74	have	have	VERB
emaj-242	42	75	significant	significant	ADJ
emaj-242	42	76	impacts	impact	NOUN
emaj-242	42	77	on	on	ADP
emaj-242	42	78	the	the	DET
emaj-242	42	79	profitability	profitability	NOUN
emaj-242	42	80	of	of	ADP
emaj-242	42	81	the	the	DET
emaj-242	42	82	indian	indian	ADJ
emaj-242	42	83	automobile	automobile	NOUN
emaj-242	42	84	industry	industry	NOUN
emaj-242	42	85	.	.	PUNCT
emaj-242	43	1	lebo	lebo	NOUN
emaj-242	43	2	et	et	PROPN
emaj-242	43	3	al	al	PROPN
emaj-242	43	4	.	.	PROPN
emaj-242	44	1	(	(	PUNCT
emaj-242	44	2	2017	2017	NUM
emaj-242	44	3	)	)	PUNCT
emaj-242	44	4	analyzed	analyze	VERB
emaj-242	44	5	2007	2007	NUM
emaj-242	44	6	-	-	SYM
emaj-242	44	7	2016	2016	NUM
emaj-242	44	8	data	datum	NOUN
emaj-242	44	9	of	of	ADP
emaj-242	44	10	12	12	NUM
emaj-242	44	11	automotive	automotive	ADJ
emaj-242	44	12	companies	company	NOUN
emaj-242	44	13	traded	trade	VERB
emaj-242	44	14	in	in	ADP
emaj-242	44	15	the	the	DET
emaj-242	44	16	idx	idx	ADJ
emaj-242	44	17	indonesian	indonesian	ADJ
emaj-242	44	18	stock	stock	NOUN
emaj-242	44	19	exchange	exchange	PROPN
emaj-242	44	20	with	with	ADP
emaj-242	44	21	a	a	DET
emaj-242	44	22	panel	panel	NOUN
emaj-242	44	23	data	data	VERB
emaj-242	44	24	random	random	ADJ
emaj-242	44	25	effect	effect	NOUN
emaj-242	44	26	regression	regression	NOUN
emaj-242	44	27	model	model	NOUN
emaj-242	44	28	.	.	PUNCT
emaj-242	45	1	they	they	PRON
emaj-242	45	2	concluded	conclude	VERB
emaj-242	45	3	that	that	SCONJ
emaj-242	45	4	there	there	PRON
emaj-242	45	5	is	be	VERB
emaj-242	45	6	a	a	DET
emaj-242	45	7	positive	positive	ADJ
emaj-242	45	8	relationship	relationship	NOUN
emaj-242	45	9	between	between	ADP
emaj-242	45	10	bv	bv	PROPN
emaj-242	45	11	/	/	SYM
emaj-242	45	12	mv	mv	PROPN
emaj-242	45	13	,	,	PUNCT
emaj-242	45	14	which	which	PRON
emaj-242	45	15	they	they	PRON
emaj-242	45	16	choose	choose	VERB
emaj-242	45	17	to	to	PART
emaj-242	45	18	represent	represent	VERB
emaj-242	45	19	stock	stock	NOUN
emaj-242	45	20	value	value	NOUN
emaj-242	45	21	and	and	CCONJ
emaj-242	45	22	roa	roa	NOUN
emaj-242	45	23	,	,	PUNCT
emaj-242	45	24	but	but	CCONJ
emaj-242	45	25	they	they	PRON
emaj-242	45	26	could	could	AUX
emaj-242	45	27	not	not	PART
emaj-242	45	28	demonstrate	demonstrate	VERB
emaj-242	45	29	a	a	DET
emaj-242	45	30	statistically	statistically	ADV
emaj-242	45	31	significant	significant	ADJ
emaj-242	45	32	relationship	relationship	NOUN
emaj-242	45	33	between	between	ADP
emaj-242	45	34	the	the	DET
emaj-242	45	35	current	current	ADJ
emaj-242	45	36	ratio	ratio	NOUN
emaj-242	45	37	or	or	CCONJ
emaj-242	45	38	leverage	leverage	NOUN
emaj-242	45	39	ratio	ratio	NOUN
emaj-242	45	40	and	and	CCONJ
emaj-242	45	41	bv	bv	PROPN
emaj-242	45	42	/	/	SYM
emaj-242	45	43	mv	mv	PROPN
emaj-242	45	44	.	.	PROPN
emaj-242	45	45	yuniningsih	yuniningsih	PROPN
emaj-242	45	46	et	et	PROPN
emaj-242	45	47	al	al	PROPN
emaj-242	45	48	.	.	PROPN
emaj-242	46	1	(	(	PUNCT
emaj-242	46	2	2018	2018	NUM
emaj-242	46	3	)	)	PUNCT
emaj-242	46	4	studied	study	VERB
emaj-242	46	5	the	the	DET
emaj-242	46	6	corporate	corporate	ADJ
emaj-242	46	7	financial	financial	ADJ
emaj-242	46	8	performances	performance	NOUN
emaj-242	46	9	of	of	ADP
emaj-242	46	10	automotive	automotive	ADJ
emaj-242	46	11	companies	company	NOUN
emaj-242	46	12	in	in	ADP
emaj-242	46	13	the	the	DET
emaj-242	46	14	indonesian	indonesian	ADJ
emaj-242	46	15	stock	stock	PROPN
emaj-242	46	16	exchange	exchange	PROPN
emaj-242	46	17	for	for	ADP
emaj-242	46	18	the	the	DET
emaj-242	46	19	period	period	NOUN
emaj-242	46	20	of	of	ADP
emaj-242	46	21	2012	2012	NUM
emaj-242	46	22	-	-	SYM
emaj-242	46	23	2016	2016	NUM
emaj-242	46	24	considering	consider	VERB
emaj-242	46	25	roa	roa	NOUN
emaj-242	46	26	as	as	ADP
emaj-242	46	27	the	the	DET
emaj-242	46	28	dependent	dependent	ADJ
emaj-242	46	29	variable	variable	NOUN
emaj-242	46	30	together	together	ADV
emaj-242	46	31	with	with	ADP
emaj-242	46	32	independent	independent	ADJ
emaj-242	46	33	variables	variable	NOUN
emaj-242	46	34	of	of	ADP
emaj-242	46	35	leverage	leverage	NOUN
emaj-242	46	36	ratio	ratio	NOUN
emaj-242	46	37	,	,	PUNCT
emaj-242	46	38	firm	firm	ADJ
emaj-242	46	39	size	size	NOUN
emaj-242	46	40	,	,	PUNCT
emaj-242	46	41	and	and	CCONJ
emaj-242	46	42	firm	firm	ADJ
emaj-242	46	43	growth	growth	NOUN
emaj-242	46	44	.	.	PUNCT
emaj-242	47	1	they	they	PRON
emaj-242	47	2	revealed	reveal	VERB
emaj-242	47	3	that	that	SCONJ
emaj-242	47	4	leverage	leverage	NOUN
emaj-242	47	5	ratio	ratio	NOUN
emaj-242	47	6	and	and	CCONJ
emaj-242	47	7	firm	firm	ADJ
emaj-242	47	8	size	size	NOUN
emaj-242	47	9	did	do	AUX
emaj-242	47	10	not	not	PART
emaj-242	47	11	have	have	VERB
emaj-242	47	12	a	a	DET
emaj-242	47	13	significant	significant	ADJ
emaj-242	47	14	effect	effect	NOUN
emaj-242	47	15	on	on	ADP
emaj-242	47	16	business	business	NOUN
emaj-242	47	17	performance	performance	NOUN
emaj-242	47	18	,	,	PUNCT
emaj-242	47	19	but	but	CCONJ
emaj-242	47	20	firm	firm	ADJ
emaj-242	47	21	growth	growth	NOUN
emaj-242	47	22	had	have	VERB
emaj-242	47	23	a	a	DET
emaj-242	47	24	significant	significant	ADJ
emaj-242	47	25	negative	negative	ADJ
emaj-242	47	26	effect	effect	NOUN
emaj-242	47	27	on	on	ADP
emaj-242	47	28	roa	roa	PROPN
emaj-242	47	29	.	.	PUNCT
emaj-242	48	1	they	they	PRON
emaj-242	48	2	also	also	ADV
emaj-242	48	3	emphasized	emphasize	VERB
emaj-242	48	4	that	that	SCONJ
emaj-242	48	5	as	as	SCONJ
emaj-242	48	6	a	a	DET
emaj-242	48	7	company	company	NOUN
emaj-242	48	8	grows	grow	VERB
emaj-242	48	9	,	,	PUNCT
emaj-242	48	10	the	the	DET
emaj-242	48	11	funds	fund	NOUN
emaj-242	48	12	obtained	obtain	VERB
emaj-242	48	13	from	from	ADP
emaj-242	48	14	debt	debt	NOUN
emaj-242	48	15	or	or	CCONJ
emaj-242	48	16	equity	equity	NOUN
emaj-242	48	17	may	may	AUX
emaj-242	48	18	be	be	AUX
emaj-242	48	19	used	use	VERB
emaj-242	48	20	to	to	PART
emaj-242	48	21	finance	finance	VERB
emaj-242	48	22	investment	investment	NOUN
emaj-242	48	23	expansion	expansion	NOUN
emaj-242	48	24	,	,	PUNCT
emaj-242	48	25	which	which	PRON
emaj-242	48	26	reduces	reduce	VERB
emaj-242	48	27	the	the	DET
emaj-242	48	28	company	company	NOUN
emaj-242	48	29	’s	’s	PART
emaj-242	48	30	profitability	profitability	NOUN
emaj-242	48	31	.	.	PUNCT
emaj-242	49	1	iii	iii	X
emaj-242	49	2	.	.	PUNCT
emaj-242	49	3	automotive	automotive	ADJ
emaj-242	49	4	sector	sector	NOUN
emaj-242	49	5	the	the	DET
emaj-242	49	6	automotive	automotive	ADJ
emaj-242	49	7	sector	sector	NOUN
emaj-242	49	8	has	have	VERB
emaj-242	49	9	a	a	DET
emaj-242	49	10	very	very	ADV
emaj-242	49	11	important	important	ADJ
emaj-242	49	12	position	position	NOUN
emaj-242	49	13	in	in	ADP
emaj-242	49	14	terms	term	NOUN
emaj-242	49	15	of	of	ADP
emaj-242	49	16	development	development	NOUN
emaj-242	49	17	with	with	ADP
emaj-242	49	18	its	its	PRON
emaj-242	49	19	effects	effect	NOUN
emaj-242	49	20	on	on	ADP
emaj-242	49	21	social	social	ADJ
emaj-242	49	22	improvements	improvement	NOUN
emaj-242	49	23	as	as	ADV
emaj-242	49	24	well	well	ADV
emaj-242	49	25	as	as	ADP
emaj-242	49	26	economic	economic	ADJ
emaj-242	49	27	developments	development	NOUN
emaj-242	49	28	,	,	PUNCT
emaj-242	49	29	increasing	increase	VERB
emaj-242	49	30	employment	employment	NOUN
emaj-242	49	31	rates	rate	NOUN
emaj-242	49	32	and	and	CCONJ
emaj-242	49	33	exports	export	NOUN
emaj-242	49	34	through	through	ADP
emaj-242	49	35	its	its	PRON
emaj-242	49	36	contact	contact	NOUN
emaj-242	49	37	with	with	ADP
emaj-242	49	38	other	other	ADJ
emaj-242	49	39	sectors	sector	NOUN
emaj-242	49	40	both	both	CCONJ
emaj-242	49	41	in	in	ADP
emaj-242	49	42	turkey	turkey	NOUN
emaj-242	49	43	and	and	CCONJ
emaj-242	49	44	around	around	ADP
emaj-242	49	45	the	the	DET
emaj-242	49	46	world	world	NOUN
emaj-242	49	47	.	.	PUNCT
emaj-242	50	1	this	this	DET
emaj-242	50	2	sector	sector	NOUN
emaj-242	50	3	is	be	AUX
emaj-242	50	4	in	in	ADP
emaj-242	50	5	a	a	DET
emaj-242	50	6	constant	constant	ADJ
emaj-242	50	7	process	process	NOUN
emaj-242	50	8	of	of	ADP
emaj-242	50	9	change	change	NOUN
emaj-242	50	10	,	,	PUNCT
emaj-242	50	11	development	development	NOUN
emaj-242	50	12	,	,	PUNCT
emaj-242	50	13	and	and	CCONJ
emaj-242	50	14	even	even	ADV
emaj-242	50	15	transformation	transformation	NOUN
emaj-242	50	16	,	,	PUNCT
emaj-242	50	17	being	be	AUX
emaj-242	50	18	constantly	constantly	ADV
emaj-242	50	19	renewed	renew	VERB
emaj-242	50	20	according	accord	VERB
emaj-242	50	21	to	to	ADP
emaj-242	50	22	the	the	DET
emaj-242	50	23	demands	demand	NOUN
emaj-242	50	24	of	of	ADP
emaj-242	50	25	consumers	consumer	NOUN
emaj-242	50	26	and	and	CCONJ
emaj-242	50	27	the	the	DET
emaj-242	50	28	integration	integration	NOUN
emaj-242	50	29	of	of	ADP
emaj-242	50	30	developing	develop	VERB
emaj-242	50	31	technology	technology	NOUN
emaj-242	50	32	.	.	PUNCT
emaj-242	51	1	at	at	ADP
emaj-242	51	2	the	the	DET
emaj-242	51	3	same	same	ADJ
emaj-242	51	4	time	time	NOUN
emaj-242	51	5	,	,	PUNCT
emaj-242	51	6	this	this	DET
emaj-242	51	7	sector	sector	NOUN
emaj-242	51	8	is	be	AUX
emaj-242	51	9	currently	currently	ADV
emaj-242	51	10	fragile	fragile	ADJ
emaj-242	51	11	,	,	PUNCT
emaj-242	51	12	rapidly	rapidly	ADV
emaj-242	51	13	affected	affect	VERB
emaj-242	51	14	by	by	ADP
emaj-242	51	15	economic	economic	ADJ
emaj-242	51	16	cycles	cycle	NOUN
emaj-242	51	17	due	due	ADP
emaj-242	51	18	to	to	ADP
emaj-242	51	19	its	its	PRON
emaj-242	51	20	connections	connection	NOUN
emaj-242	51	21	with	with	ADP
emaj-242	51	22	other	other	ADJ
emaj-242	51	23	sectors	sector	NOUN
emaj-242	51	24	in	in	ADP
emaj-242	51	25	the	the	DET
emaj-242	51	26	production	production	NOUN
emaj-242	51	27	phase	phase	NOUN
emaj-242	51	28	and	and	CCONJ
emaj-242	51	29	its	its	PRON
emaj-242	51	30	direct	direct	ADJ
emaj-242	51	31	role	role	NOUN
emaj-242	51	32	in	in	ADP
emaj-242	51	33	consumptionrelated	consumptionrelated	ADJ
emaj-242	51	34	harms	harm	NOUN
emaj-242	51	35	.	.	PUNCT
emaj-242	52	1	the	the	DET
emaj-242	52	2	automotive	automotive	ADJ
emaj-242	52	3	sector	sector	NOUN
emaj-242	52	4	has	have	AUX
emaj-242	52	5	been	be	AUX
emaj-242	52	6	selected	select	VERB
emaj-242	52	7	for	for	ADP
emaj-242	52	8	this	this	DET
emaj-242	52	9	study	study	NOUN
emaj-242	52	10	for	for	ADP
emaj-242	52	11	those	those	DET
emaj-242	52	12	reasons	reason	NOUN
emaj-242	52	13	,	,	PUNCT
emaj-242	52	14	considering	consider	VERB
emaj-242	52	15	the	the	DET
emaj-242	52	16	relevant	relevant	ADJ
emaj-242	52	17	field	field	NOUN
emaj-242	52	18	of	of	ADP
emaj-242	52	19	influence	influence	NOUN
emaj-242	52	20	and	and	CCONJ
emaj-242	52	21	the	the	DET
emaj-242	52	22	impact	impact	NOUN
emaj-242	52	23	of	of	ADP
emaj-242	52	24	the	the	DET
emaj-242	52	25	sector	sector	NOUN
emaj-242	52	26	,	,	PUNCT
emaj-242	52	27	allowing	allow	VERB
emaj-242	52	28	discussion	discussion	NOUN
emaj-242	52	29	of	of	ADP
emaj-242	52	30	both	both	CCONJ
emaj-242	52	31	the	the	DET
emaj-242	52	32	sector	sector	NOUN
emaj-242	52	33	’s	’s	PART
emaj-242	52	34	sensitivity	sensitivity	NOUN
emaj-242	52	35	to	to	ADP
emaj-242	52	36	economic	economic	ADJ
emaj-242	52	37	cycles	cycle	NOUN
emaj-242	52	38	and	and	CCONJ
emaj-242	52	39	the	the	DET
emaj-242	52	40	sensitivity	sensitivity	NOUN
emaj-242	52	41	of	of	ADP
emaj-242	52	42	economic	economic	ADJ
emaj-242	52	43	cycles	cycle	NOUN
emaj-242	52	44	to	to	ADP
emaj-242	52	45	the	the	DET
emaj-242	52	46	sector	sector	NOUN
emaj-242	52	47	.	.	PUNCT
emaj-242	53	1	although	although	SCONJ
emaj-242	53	2	the	the	DET
emaj-242	53	3	total	total	ADJ
emaj-242	53	4	number	number	NOUN
emaj-242	53	5	of	of	ADP
emaj-242	53	6	motor	motor	NOUN
emaj-242	53	7	vehicles	vehicle	NOUN
emaj-242	53	8	sold	sell	VERB
emaj-242	53	9	in	in	ADP
emaj-242	53	10	the	the	DET
emaj-242	53	11	world	world	NOUN
emaj-242	53	12	was	be	AUX
emaj-242	53	13	97.1	97.1	NUM
emaj-242	53	14	million	million	NUM
emaj-242	53	15	in	in	ADP
emaj-242	53	16	2017	2017	NUM
emaj-242	53	17	,	,	PUNCT
emaj-242	53	18	it	it	PRON
emaj-242	53	19	decreased	decrease	VERB
emaj-242	53	20	by	by	ADP
emaj-242	53	21	4.5	4.5	NUM
emaj-242	53	22	percent	percent	NOUN
emaj-242	53	23	in	in	ADP
emaj-242	53	24	the	the	DET
emaj-242	53	25	following	follow	VERB
emaj-242	53	26	two	two	NUM
emaj-242	53	27	years	year	NOUN
emaj-242	53	28	to	to	ADP
emaj-242	53	29	91.3	91.3	NUM
emaj-242	53	30	million	million	NUM
emaj-242	53	31	in	in	ADP
emaj-242	53	32	2019	2019	NUM
emaj-242	53	33	(	(	PUNCT
emaj-242	53	34	oica	oica	PROPN
emaj-242	53	35	,	,	PUNCT
emaj-242	53	36	2020	2020	NUM
emaj-242	53	37	)	)	PUNCT
emaj-242	53	38	.	.	PUNCT
emaj-242	54	1	in	in	ADP
emaj-242	54	2	spite	spite	NOUN
emaj-242	54	3	of	of	ADP
emaj-242	54	4	these	these	DET
emaj-242	54	5	recent	recent	ADJ
emaj-242	54	6	contractions	contraction	NOUN
emaj-242	54	7	under	under	ADP
emaj-242	54	8	the	the	DET
emaj-242	54	9	general	general	ADJ
emaj-242	54	10	influence	influence	NOUN
emaj-242	54	11	of	of	ADP
emaj-242	54	12	the	the	DET
emaj-242	54	13	world	world	NOUN
emaj-242	54	14	economy	economy	NOUN
emaj-242	54	15	,	,	PUNCT
emaj-242	54	16	the	the	DET
emaj-242	54	17	automotive	automotive	ADJ
emaj-242	54	18	sector	sector	NOUN
emaj-242	54	19	continues	continue	VERB
emaj-242	54	20	to	to	PART
emaj-242	54	21	pursue	pursue	VERB
emaj-242	54	22	research	research	NOUN
emaj-242	54	23	&	&	CCONJ
emaj-242	54	24	development	development	PROPN
emaj-242	54	25	(	(	PUNCT
emaj-242	54	26	r&d	r&d	NOUN
emaj-242	54	27	)	)	PUNCT
emaj-242	54	28	for	for	ADP
emaj-242	54	29	new	new	ADJ
emaj-242	54	30	technology	technology	NOUN
emaj-242	54	31	,	,	PUNCT
emaj-242	54	32	equipment	equipment	NOUN
emaj-242	54	33	,	,	PUNCT
emaj-242	54	34	and	and	CCONJ
emaj-242	54	35	designs	design	NOUN
emaj-242	54	36	.	.	PUNCT
emaj-242	55	1	it	it	PRON
emaj-242	55	2	is	be	AUX
emaj-242	55	3	one	one	NUM
emaj-242	55	4	of	of	ADP
emaj-242	55	5	the	the	DET
emaj-242	55	6	most	most	ADV
emaj-242	55	7	important	important	ADJ
emaj-242	55	8	sectors	sector	NOUN
emaj-242	55	9	dominating	dominate	VERB
emaj-242	55	10	the	the	DET
emaj-242	55	11	world	world	NOUN
emaj-242	55	12	economy	economy	NOUN
emaj-242	55	13	and	and	CCONJ
emaj-242	55	14	reflecting	reflect	VERB
emaj-242	55	15	increases	increase	NOUN
emaj-242	55	16	in	in	ADP
emaj-242	55	17	production	production	NOUN
emaj-242	55	18	volume	volume	NOUN
emaj-242	55	19	and	and	CCONJ
emaj-242	55	20	turnover	turnover	NOUN
emaj-242	55	21	in	in	ADP
emaj-242	55	22	the	the	DET
emaj-242	55	23	real	real	ADJ
emaj-242	55	24	economy	economy	NOUN
emaj-242	55	25	.	.	PUNCT
emaj-242	56	1	it	it	PRON
emaj-242	56	2	also	also	ADV
emaj-242	56	3	has	have	VERB
emaj-242	56	4	direct	direct	ADJ
emaj-242	56	5	effects	effect	NOUN
emaj-242	56	6	on	on	ADP
emaj-242	56	7	human	human	ADJ
emaj-242	56	8	life	life	NOUN
emaj-242	56	9	in	in	ADP
emaj-242	56	10	the	the	DET
emaj-242	56	11	fields	field	NOUN
emaj-242	56	12	of	of	ADP
emaj-242	56	13	production	production	NOUN
emaj-242	56	14	and	and	CCONJ
emaj-242	56	15	consumption	consumption	NOUN
emaj-242	56	16	.	.	PUNCT
emaj-242	57	1	for	for	ADP
emaj-242	57	2	these	these	DET
emaj-242	57	3	reasons	reason	NOUN
emaj-242	57	4	,	,	PUNCT
emaj-242	57	5	the	the	DET
emaj-242	57	6	automotive	automotive	ADJ
emaj-242	57	7	sector	sector	NOUN
emaj-242	57	8	is	be	AUX
emaj-242	57	9	a	a	DET
emaj-242	57	10	valuable	valuable	ADJ
emaj-242	57	11	field	field	NOUN
emaj-242	57	12	of	of	ADP
emaj-242	57	13	study	study	NOUN
emaj-242	57	14	to	to	PART
emaj-242	57	15	be	be	AUX
emaj-242	57	16	pursued	pursue	VERB
emaj-242	57	17	in	in	ADP
emaj-242	57	18	both	both	CCONJ
emaj-242	57	19	the	the	DET
emaj-242	57	20	present	present	ADJ
emaj-242	57	21	work	work	NOUN
emaj-242	57	22	and	and	CCONJ
emaj-242	57	23	future	future	ADJ
emaj-242	57	24	research	research	NOUN
emaj-242	57	25	.	.	PUNCT
emaj-242	58	1	iv	iv	X
emaj-242	58	2	.	.	PUNCT
emaj-242	58	3	methodology	methodology	NOUN
emaj-242	58	4	purpose	purpose	NOUN
emaj-242	58	5	of	of	ADP
emaj-242	58	6	the	the	DET
emaj-242	58	7	research	research	NOUN
emaj-242	58	8	the	the	DET
emaj-242	58	9	aim	aim	NOUN
emaj-242	58	10	of	of	ADP
emaj-242	58	11	this	this	DET
emaj-242	58	12	study	study	NOUN
emaj-242	58	13	is	be	AUX
emaj-242	58	14	to	to	PART
emaj-242	58	15	determine	determine	VERB
emaj-242	58	16	whether	whether	SCONJ
emaj-242	58	17	changes	change	NOUN
emaj-242	58	18	in	in	ADP
emaj-242	58	19	the	the	DET
emaj-242	58	20	financial	financial	ADJ
emaj-242	58	21	statements	statement	NOUN
emaj-242	58	22	of	of	ADP
emaj-242	58	23	companies	company	NOUN
emaj-242	58	24	affect	affect	VERB
emaj-242	58	25	the	the	DET
emaj-242	58	26	prices	price	NOUN
emaj-242	58	27	of	of	ADP
emaj-242	58	28	stocks	stock	NOUN
emaj-242	58	29	traded	trade	VERB
emaj-242	58	30	in	in	ADP
emaj-242	58	31	the	the	DET
emaj-242	58	32	stock	stock	NOUN
emaj-242	58	33	exchange	exchange	NOUN
emaj-242	58	34	and	and	CCONJ
emaj-242	58	35	,	,	PUNCT
emaj-242	58	36	if	if	SCONJ
emaj-242	58	37	so	so	ADV
emaj-242	58	38	,	,	PUNCT
emaj-242	58	39	to	to	ADP
emaj-242	58	40	what	what	DET
emaj-242	58	41	extent	extent	NOUN
emaj-242	58	42	.	.	PUNCT
emaj-242	59	1	this	this	DET
emaj-242	59	2	research	research	NOUN
emaj-242	59	3	is	be	AUX
emaj-242	59	4	specifically	specifically	ADV
emaj-242	59	5	conducted	conduct	VERB
emaj-242	59	6	based	base	VERB
emaj-242	59	7	on	on	ADP
emaj-242	59	8	data	datum	NOUN
emaj-242	59	9	from	from	ADP
emaj-242	59	10	the	the	DET
emaj-242	59	11	automotive	automotive	ADJ
emaj-242	59	12	sector	sector	NOUN
emaj-242	59	13	,	,	PUNCT
emaj-242	59	14	which	which	PRON
emaj-242	59	15	has	have	VERB
emaj-242	59	16	a	a	DET
emaj-242	59	17	critical	critical	ADJ
emaj-242	59	18	position	position	NOUN
emaj-242	59	19	in	in	ADP
emaj-242	59	20	the	the	DET
emaj-242	59	21	turkish	turkish	ADJ
emaj-242	59	22	economy	economy	NOUN
emaj-242	59	23	as	as	ADV
emaj-242	59	24	well	well	ADV
emaj-242	59	25	as	as	ADP
emaj-242	59	26	the	the	DET
emaj-242	59	27	global	global	ADJ
emaj-242	59	28	economy	economy	NOUN
emaj-242	59	29	due	due	ADP
emaj-242	59	30	to	to	ADP
emaj-242	59	31	both	both	DET
emaj-242	59	32	consumer	consumer	NOUN
emaj-242	59	33	demand	demand	NOUN
emaj-242	59	34	and	and	CCONJ
emaj-242	59	35	connections	connection	NOUN
emaj-242	59	36	with	with	ADP
emaj-242	59	37	other	other	ADJ
emaj-242	59	38	sectors	sector	NOUN
emaj-242	59	39	.	.	PUNCT
emaj-242	60	1	scope	scope	NOUN
emaj-242	60	2	of	of	ADP
emaj-242	60	3	the	the	DET
emaj-242	60	4	research	research	NOUN
emaj-242	60	5	this	this	DET
emaj-242	60	6	study	study	NOUN
emaj-242	60	7	includes	include	VERB
emaj-242	60	8	automotive	automotive	ADJ
emaj-242	60	9	companies	company	NOUN
emaj-242	60	10	traded	trade	VERB
emaj-242	60	11	in	in	ADP
emaj-242	60	12	the	the	DET
emaj-242	60	13	stock	stock	NOUN
emaj-242	60	14	exchanges	exchange	NOUN
emaj-242	60	15	of	of	ADP
emaj-242	60	16	turkey	turkey	NOUN
emaj-242	60	17	and	and	CCONJ
emaj-242	60	18	other	other	ADJ
emaj-242	60	19	countries	country	NOUN
emaj-242	60	20	within	within	ADP
emaj-242	60	21	the	the	DET
emaj-242	60	22	scope	scope	NOUN
emaj-242	60	23	of	of	ADP
emaj-242	60	24	its	its	PRON
emaj-242	60	25	analysis	analysis	NOUN
emaj-242	60	26	.	.	PUNCT
emaj-242	61	1	seven	seven	NUM
emaj-242	61	2	automotive	automotive	ADJ
emaj-242	61	3	companies	company	NOUN
emaj-242	61	4	traded	trade	VERB
emaj-242	61	5	in	in	ADP
emaj-242	61	6	the	the	DET
emaj-242	61	7	bist	bist	NOUN
emaj-242	61	8	are	be	AUX
emaj-242	61	9	included	include	VERB
emaj-242	61	10	in	in	ADP
emaj-242	61	11	the	the	DET
emaj-242	61	12	analysis	analysis	NOUN
emaj-242	61	13	and	and	CCONJ
emaj-242	61	14	subsequently	subsequently	ADV
emaj-242	61	15	referred	refer	VERB
emaj-242	61	16	to	to	ADP
emaj-242	61	17	as	as	SCONJ
emaj-242	61	18	“	"	PUNCT
emaj-242	61	19	companies	company	NOUN
emaj-242	61	20	traded	trade	VERB
emaj-242	61	21	in	in	ADP
emaj-242	61	22	turkey	turkey	NOUN
emaj-242	61	23	”	"	PUNCT
emaj-242	61	24	:	:	PUNCT
emaj-242	61	25	anadolu	anadolu	PROPN
emaj-242	61	26	isuzu	isuzu	PROPN
emaj-242	61	27	otomotiv	otomotiv	PROPN
emaj-242	61	28	sanayi	sanayi	ADV
emaj-242	61	29	ve	ve	VERB
emaj-242	61	30	ticaret	ticaret	PROPN
emaj-242	61	31	a.ş	a.ş	PROPN
emaj-242	61	32	.	.	PUNCT
emaj-242	62	1	(	(	PUNCT
emaj-242	62	2	asuzu	asuzu	PROPN
emaj-242	62	3	)	)	PUNCT
emaj-242	62	4	,	,	PUNCT
emaj-242	62	5	doğuş	doğuş	PROPN
emaj-242	62	6	otomotiv	otomotiv	PROPN
emaj-242	62	7	ve	ve	AUX
emaj-242	62	8	servis	servis	VERB
emaj-242	62	9	ticaret	ticaret	PROPN
emaj-242	62	10	a.ş	a.ş	PROPN
emaj-242	62	11	.	.	PUNCT
emaj-242	63	1	(	(	PUNCT
emaj-242	63	2	doas	doas	PROPN
emaj-242	63	3	)	)	PUNCT
emaj-242	63	4	,	,	PUNCT
emaj-242	63	5	ford	ford	PROPN
emaj-242	63	6	otomotiv	otomotiv	PROPN
emaj-242	63	7	sanayi	sanayi	VERB
emaj-242	63	8	a.ş	a.ş	PROPN
emaj-242	63	9	.	.	PUNCT
emaj-242	64	1	(	(	PUNCT
emaj-242	64	2	froto	froto	NOUN
emaj-242	64	3	)	)	PUNCT
emaj-242	64	4	,	,	PUNCT
emaj-242	64	5	karsan	karsan	PROPN
emaj-242	64	6	otomotiv	otomotiv	PROPN
emaj-242	64	7	sanayii	sanayii	PROPN
emaj-242	65	1	ve	ve	VERB
emaj-242	65	2	ticaret	ticaret	PROPN
emaj-242	65	3	a.ş	a.ş	PROPN
emaj-242	65	4	.	.	PUNCT
emaj-242	66	1	(	(	PUNCT
emaj-242	66	2	karsn	karsn	ADJ
emaj-242	66	3	)	)	PUNCT
emaj-242	66	4	,	,	PUNCT
emaj-242	66	5	otokar	otokar	NOUN
emaj-242	66	6	otomotiv	otomotiv	NOUN
emaj-242	66	7	ve	ve	AUX
emaj-242	66	8	savunma	savunma	VERB
emaj-242	66	9	sanayi	sanayi	ADV
emaj-242	66	10	a.ş	a.ş	PROPN
emaj-242	66	11	.	.	PUNCT
emaj-242	67	1	(	(	PUNCT
emaj-242	67	2	otkar	otkar	PROPN
emaj-242	67	3	)	)	PUNCT
emaj-242	67	4	,	,	PUNCT
emaj-242	67	5	tofaş	tofaş	PROPN
emaj-242	67	6	türk	türk	PROPN
emaj-242	67	7	otomobil	otomobil	PROPN
emaj-242	67	8	fabrikası	fabrikası	PROPN
emaj-242	67	9	a.ş	a.ş	PROPN
emaj-242	67	10	.	.	PROPN
emaj-242	67	11	(	(	PUNCT
emaj-242	67	12	toaso	toaso	NOUN
emaj-242	67	13	)	)	PUNCT
emaj-242	67	14	,	,	PUNCT
emaj-242	67	15	and	and	CCONJ
emaj-242	67	16	türk	türk	PROPN
emaj-242	67	17	traktör	traktör	VERB
emaj-242	67	18	ve	ve	PROPN
emaj-242	67	19	ziraat	ziraat	VERB
emaj-242	67	20	makineleri	makineleri	PROPN
emaj-242	67	21	a.ş	a.ş	PROPN
emaj-242	67	22	.	.	PUNCT
emaj-242	68	1	(	(	PUNCT
emaj-242	68	2	ttrak	ttrak	PROPN
emaj-242	68	3	)	)	PUNCT
emaj-242	68	4	.	.	PUNCT
emaj-242	69	1	six	six	NUM
emaj-242	69	2	automotive	automotive	ADJ
emaj-242	69	3	companies	company	NOUN
emaj-242	69	4	traded	trade	VERB
emaj-242	69	5	in	in	ADP
emaj-242	69	6	other	other	ADJ
emaj-242	69	7	countries	country	NOUN
emaj-242	69	8	’	'	PUNCT
emaj-242	69	9	stock	stock	NOUN
emaj-242	69	10	exchanges	exchange	NOUN
emaj-242	69	11	were	be	AUX
emaj-242	69	12	also	also	ADV
emaj-242	69	13	included	include	VERB
emaj-242	69	14	in	in	ADP
emaj-242	69	15	the	the	DET
emaj-242	69	16	analysis	analysis	NOUN
emaj-242	69	17	as	as	SCONJ
emaj-242	69	18	follows	follow	VERB
emaj-242	69	19	:	:	PUNCT
emaj-242	69	20	daimler	daimler	PROPN
emaj-242	69	21	ag	ag	PROPN
emaj-242	69	22	(	(	PUNCT
emaj-242	69	23	dai	dai	PROPN
emaj-242	69	24	)	)	PUNCT
emaj-242	69	25	,	,	PUNCT
emaj-242	69	26	bayerische	bayerische	PROPN
emaj-242	69	27	motoren	motoren	PROPN
emaj-242	69	28	werke	werke	PROPN
emaj-242	69	29	ag	ag	PROPN
emaj-242	69	30	(	(	PUNCT
emaj-242	69	31	bmw	bmw	PROPN
emaj-242	69	32	)	)	PUNCT
emaj-242	69	33	,	,	PUNCT
emaj-242	69	34	volkswagen	volkswagen	PROPN
emaj-242	69	35	(	(	PUNCT
emaj-242	69	36	vw	vw	PROPN
emaj-242	69	37	)	)	PUNCT
emaj-242	69	38	from	from	ADP
emaj-242	69	39	the	the	DET
emaj-242	69	40	deutsche	deutsche	X
emaj-242	69	41	börse	börse	X
emaj-242	69	42	xetra	xetra	PROPN
emaj-242	69	43	,	,	PUNCT
emaj-242	69	44	and	and	CCONJ
emaj-242	69	45	caterpillar	caterpillar	ADJ
emaj-242	69	46	(	(	PUNCT
emaj-242	69	47	cat	cat	NOUN
emaj-242	69	48	)	)	PUNCT
emaj-242	69	49	from	from	ADP
emaj-242	69	50	the	the	DET
emaj-242	69	51	us	us	PROPN
emaj-242	69	52	new	new	PROPN
emaj-242	69	53	york	york	PROPN
emaj-242	69	54	stock	stock	PROPN
emaj-242	69	55	exchange	exchange	PROPN
emaj-242	69	56	and	and	CCONJ
emaj-242	69	57	volvo	volvo	PROPN
emaj-242	69	58	group	group	PROPN
emaj-242	69	59	(	(	PUNCT
emaj-242	69	60	volva	volva	PROPN
emaj-242	69	61	)	)	PUNCT
emaj-242	69	62	and	and	CCONJ
emaj-242	69	63	saab	saab	PROPN
emaj-242	69	64	(	(	PUNCT
emaj-242	69	65	saab	saab	PROPN
emaj-242	69	66	b	b	PROPN
emaj-242	69	67	)	)	PUNCT
emaj-242	69	68	from	from	ADP
emaj-242	69	69	the	the	DET
emaj-242	69	70	nasdaq	nasdaq	PROPN
emaj-242	69	71	stockholm	stockholm	PROPN
emaj-242	69	72	ab	ab	PROPN
emaj-242	69	73	.	.	PUNCT
emaj-242	70	1	these	these	DET
emaj-242	70	2	companies	company	NOUN
emaj-242	70	3	are	be	AUX
emaj-242	70	4	subsequently	subsequently	ADV
emaj-242	70	5	referred	refer	VERB
emaj-242	70	6	to	to	ADP
emaj-242	70	7	as	as	ADP
emaj-242	70	8	“	"	PUNCT
emaj-242	70	9	companies	company	NOUN
emaj-242	70	10	traded	trade	VERB
emaj-242	70	11	in	in	ADP
emaj-242	70	12	other	other	ADJ
emaj-242	70	13	countries	country	NOUN
emaj-242	70	14	’	'	PUNCT
emaj-242	70	15	stock	stock	NOUN
emaj-242	70	16	exchanges	exchange	NOUN
emaj-242	70	17	”	"	PUNCT
emaj-242	70	18	in	in	ADP
emaj-242	70	19	this	this	DET
emaj-242	70	20	text	text	NOUN
emaj-242	70	21	.	.	PUNCT
emaj-242	71	1	far	far	ADV
emaj-242	71	2	eastern	eastern	ADJ
emaj-242	71	3	companies	company	NOUN
emaj-242	71	4	were	be	AUX
emaj-242	71	5	not	not	PART
emaj-242	71	6	included	include	VERB
emaj-242	71	7	in	in	ADP
emaj-242	71	8	the	the	DET
emaj-242	71	9	analysis	analysis	NOUN
emaj-242	71	10	due	due	ADP
emaj-242	71	11	to	to	ADP
emaj-242	71	12	differences	difference	NOUN
emaj-242	71	13	in	in	ADP
emaj-242	71	14	the	the	DET
emaj-242	71	15	start	start	NOUN
emaj-242	71	16	of	of	ADP
emaj-242	71	17	fiscal	fiscal	ADJ
emaj-242	71	18	years	year	NOUN
emaj-242	71	19	.	.	PUNCT
emaj-242	72	1	thus	thus	ADV
emaj-242	72	2	,	,	PUNCT
emaj-242	72	3	in	in	ADP
emaj-242	72	4	total	total	ADJ
emaj-242	72	5	,	,	PUNCT
emaj-242	72	6	13	13	NUM
emaj-242	72	7	automotive	automotive	ADJ
emaj-242	72	8	companies	company	NOUN
emaj-242	72	9	traded	trade	VERB
emaj-242	72	10	in	in	ADP
emaj-242	72	11	the	the	DET
emaj-242	72	12	stock	stock	NOUN
emaj-242	72	13	exchanges	exchange	NOUN
emaj-242	72	14	of	of	ADP
emaj-242	72	15	turkey	turkey	NOUN
emaj-242	72	16	and	and	CCONJ
emaj-242	72	17	other	other	ADJ
emaj-242	72	18	countries	country	NOUN
emaj-242	72	19	were	be	AUX
emaj-242	72	20	included	include	VERB
emaj-242	72	21	in	in	ADP
emaj-242	72	22	the	the	DET
emaj-242	72	23	scope	scope	NOUN
emaj-242	72	24	of	of	ADP
emaj-242	72	25	this	this	DET
emaj-242	72	26	research	research	NOUN
emaj-242	72	27	.	.	PUNCT
emaj-242	73	1	in	in	ADP
emaj-242	73	2	the	the	DET
emaj-242	73	3	analysis	analysis	NOUN
emaj-242	73	4	phase	phase	NOUN
emaj-242	73	5	,	,	PUNCT
emaj-242	73	6	a	a	DET
emaj-242	73	7	common	common	ADJ
emaj-242	73	8	starting	starting	NOUN
emaj-242	73	9	period	period	NOUN
emaj-242	73	10	was	be	AUX
emaj-242	73	11	determined	determined	ADJ
emaj-242	73	12	to	to	PART
emaj-242	73	13	ensure	ensure	VERB
emaj-242	73	14	that	that	SCONJ
emaj-242	73	15	the	the	DET
emaj-242	73	16	comparisons	comparison	NOUN
emaj-242	73	17	of	of	ADP
emaj-242	73	18	the	the	DET
emaj-242	73	19	automotive	automotive	ADJ
emaj-242	73	20	companies	company	NOUN
emaj-242	73	21	traded	trade	VERB
emaj-242	73	22	in	in	ADP
emaj-242	73	23	stock	stock	NOUN
emaj-242	73	24	exchanges	exchange	NOUN
emaj-242	73	25	of	of	ADP
emaj-242	73	26	turkey	turkey	NOUN
emaj-242	73	27	and	and	CCONJ
emaj-242	73	28	other	other	ADJ
emaj-242	73	29	countries	country	NOUN
emaj-242	73	30	would	would	AUX
emaj-242	73	31	temporally	temporally	ADV
emaj-242	73	32	overlap	overlap	VERB
emaj-242	73	33	.	.	PUNCT
emaj-242	74	1	it	it	PRON
emaj-242	74	2	was	be	AUX
emaj-242	74	3	decided	decide	VERB
emaj-242	74	4	to	to	PART
emaj-242	74	5	take	take	VERB
emaj-242	74	6	the	the	DET
emaj-242	74	7	starting	starting	NOUN
emaj-242	74	8	period	period	NOUN
emaj-242	74	9	as	as	ADP
emaj-242	74	10	2007	2007	NUM
emaj-242	74	11	-	-	PUNCT
emaj-242	74	12	q1	q1	NOUN
emaj-242	74	13	for	for	ADP
emaj-242	74	14	both	both	DET
emaj-242	74	15	groups	group	NOUN
emaj-242	74	16	.	.	PUNCT
emaj-242	75	1	although	although	SCONJ
emaj-242	75	2	the	the	DET
emaj-242	75	3	end	end	NOUN
emaj-242	75	4	of	of	ADP
emaj-242	75	5	the	the	DET
emaj-242	75	6	period	period	NOUN
emaj-242	75	7	of	of	ADP
emaj-242	75	8	study	study	NOUN
emaj-242	75	9	was	be	AUX
emaj-242	75	10	originally	originally	ADV
emaj-242	75	11	taken	take	VERB
emaj-242	75	12	as	as	ADP
emaj-242	75	13	2017	2017	NUM
emaj-242	75	14	-	-	PUNCT
emaj-242	75	15	q4	q4	NOUN
emaj-242	75	16	for	for	ADP
emaj-242	75	17	both	both	DET
emaj-242	75	18	groups	group	NOUN
emaj-242	75	19	,	,	PUNCT
emaj-242	75	20	it	it	PRON
emaj-242	75	21	was	be	AUX
emaj-242	75	22	first	first	ADV
emaj-242	75	23	extended	extend	VERB
emaj-242	75	24	to	to	ADP
emaj-242	75	25	2018	2018	NUM
emaj-242	75	26	-	-	PUNCT
emaj-242	75	27	q3	q3	NOUN
emaj-242	75	28	and	and	CCONJ
emaj-242	75	29	then	then	ADV
emaj-242	75	30	to	to	ADP
emaj-242	75	31	2018	2018	NUM
emaj-242	75	32	-	-	PUNCT
emaj-242	75	33	q4	q4	PROPN
emaj-242	75	34	in	in	ADP
emaj-242	75	35	the	the	DET
emaj-242	75	36	course	course	NOUN
emaj-242	75	37	of	of	ADP
emaj-242	75	38	the	the	DET
emaj-242	75	39	research	research	NOUN
emaj-242	75	40	.	.	PUNCT
emaj-242	76	1	at	at	ADP
emaj-242	76	2	the	the	DET
emaj-242	76	3	end	end	NOUN
emaj-242	76	4	,	,	PUNCT
emaj-242	76	5	for	for	ADP
emaj-242	76	6	both	both	DET
emaj-242	76	7	groups	group	NOUN
emaj-242	76	8	,	,	PUNCT
emaj-242	76	9	48	48	NUM
emaj-242	76	10	quarterly	quarterly	ADJ
emaj-242	76	11	datasets	dataset	NOUN
emaj-242	76	12	between	between	ADP
emaj-242	76	13	2007	2007	NUM
emaj-242	76	14	-	-	PUNCT
emaj-242	76	15	q1	q1	NOUN
emaj-242	76	16	and	and	CCONJ
emaj-242	76	17	2018	2018	NUM
emaj-242	76	18	-	-	PUNCT
emaj-242	76	19	q4	q4	PROPN
emaj-242	76	20	were	be	AUX
emaj-242	76	21	assessed	assess	VERB
emaj-242	76	22	at	at	ADP
emaj-242	76	23	both	both	CCONJ
emaj-242	76	24	sector	sector	NOUN
emaj-242	76	25	-	-	PUNCT
emaj-242	76	26	level	level	NOUN
emaj-242	76	27	and	and	CCONJ
emaj-242	76	28	company	company	NOUN
emaj-242	76	29	-	-	PUNCT
emaj-242	76	30	level	level	NOUN
emaj-242	76	31	.	.	PUNCT
emaj-242	77	1	research	research	NOUN
emaj-242	77	2	model	model	NOUN
emaj-242	77	3	twelve	twelve	NUM
emaj-242	77	4	financial	financial	ADJ
emaj-242	77	5	ratios	ratio	NOUN
emaj-242	77	6	(	(	PUNCT
emaj-242	77	7	current	current	ADJ
emaj-242	77	8	ratio	ratio	NOUN
emaj-242	77	9	,	,	PUNCT
emaj-242	77	10	liquidity	liquidity	NOUN
emaj-242	77	11	ratio	ratio	NOUN
emaj-242	77	12	,	,	PUNCT
emaj-242	77	13	cash	cash	NOUN
emaj-242	77	14	ratio	ratio	NOUN
emaj-242	77	15	,	,	PUNCT
emaj-242	77	16	leverage	leverage	NOUN
emaj-242	77	17	ratio	ratio	NOUN
emaj-242	77	18	,	,	PUNCT
emaj-242	77	19	debt	debt	NOUN
emaj-242	77	20	turnover	turnover	NOUN
emaj-242	77	21	,	,	PUNCT
emaj-242	77	22	maturity	maturity	NOUN
emaj-242	77	23	structure	structure	NOUN
emaj-242	77	24	of	of	ADP
emaj-242	77	25	liabilities	liability	NOUN
emaj-242	77	26	,	,	PUNCT
emaj-242	77	27	net	net	ADJ
emaj-242	77	28	profit	profit	NOUN
emaj-242	77	29	margin	margin	NOUN
emaj-242	77	30	,	,	PUNCT
emaj-242	77	31	return	return	NOUN
emaj-242	77	32	on	on	ADP
emaj-242	77	33	equity	equity	NOUN
emaj-242	77	34	,	,	PUNCT
emaj-242	77	35	return	return	VERB
emaj-242	77	36	on	on	ADP
emaj-242	77	37	assets	asset	NOUN
emaj-242	77	38	,	,	PUNCT
emaj-242	77	39	average	average	ADJ
emaj-242	77	40	collection	collection	NOUN
emaj-242	77	41	time	time	NOUN
emaj-242	77	42	of	of	ADP
emaj-242	77	43	receivables	receivables	NOUN
emaj-242	77	44	,	,	PUNCT
emaj-242	77	45	average	average	ADJ
emaj-242	77	46	sales	sale	NOUN
emaj-242	77	47	period	period	NOUN
emaj-242	77	48	of	of	ADP
emaj-242	77	49	stocks	stock	NOUN
emaj-242	77	50	,	,	PUNCT
emaj-242	77	51	and	and	CCONJ
emaj-242	77	52	asset	asset	NOUN
emaj-242	77	53	turnover	turnover	NOUN
emaj-242	77	54	)	)	PUNCT
emaj-242	77	55	were	be	AUX
emaj-242	77	56	selected	select	VERB
emaj-242	77	57	for	for	ADP
emaj-242	77	58	analysis	analysis	NOUN
emaj-242	77	59	and	and	CCONJ
emaj-242	77	60	considered	consider	VERB
emaj-242	77	61	within	within	ADP
emaj-242	77	62	the	the	DET
emaj-242	77	63	four	four	NUM
emaj-242	77	64	main	main	ADJ
emaj-242	77	65	categories	category	NOUN
emaj-242	77	66	of	of	ADP
emaj-242	77	67	liquidity	liquidity	NOUN
emaj-242	77	68	ratios	ratio	NOUN
emaj-242	77	69	,	,	PUNCT
emaj-242	77	70	activity	activity	NOUN
emaj-242	77	71	ratios	ratio	NOUN
emaj-242	77	72	,	,	PUNCT
emaj-242	77	73	profitability	profitability	NOUN
emaj-242	77	74	ratios	ratio	NOUN
emaj-242	77	75	,	,	PUNCT
emaj-242	77	76	and	and	CCONJ
emaj-242	77	77	financial	financial	ADJ
emaj-242	77	78	structure	structure	NOUN
emaj-242	77	79	ratios	ratio	NOUN
emaj-242	77	80	.	.	PUNCT
emaj-242	78	1	the	the	DET
emaj-242	78	2	research	research	NOUN
emaj-242	78	3	model	model	NOUN
emaj-242	78	4	was	be	AUX
emaj-242	78	5	established	establish	VERB
emaj-242	78	6	with	with	ADP
emaj-242	78	7	stock	stock	NOUN
emaj-242	78	8	price	price	NOUN
emaj-242	78	9	as	as	ADP
emaj-242	78	10	the	the	DET
emaj-242	78	11	dependent	dependent	ADJ
emaj-242	78	12	variable	variable	NOUN
emaj-242	78	13	potentially	potentially	ADV
emaj-242	78	14	affected	affect	VERB
emaj-242	78	15	by	by	ADP
emaj-242	78	16	the	the	DET
emaj-242	78	17	independent	independent	ADJ
emaj-242	78	18	variables	variable	NOUN
emaj-242	78	19	of	of	ADP
emaj-242	78	20	the	the	DET
emaj-242	78	21	12	12	NUM
emaj-242	78	22	aforementioned	aforementioned	ADJ
emaj-242	78	23	financial	financial	ADJ
emaj-242	78	24	ratios	ratio	NOUN
emaj-242	78	25	.	.	PUNCT
emaj-242	79	1	data	datum	NOUN
emaj-242	79	2	collection	collection	NOUN
emaj-242	79	3	technique	technique	NOUN
emaj-242	79	4	the	the	DET
emaj-242	79	5	data	datum	NOUN
emaj-242	79	6	of	of	ADP
emaj-242	79	7	automotive	automotive	ADJ
emaj-242	79	8	companies	company	NOUN
emaj-242	79	9	traded	trade	VERB
emaj-242	79	10	in	in	ADP
emaj-242	79	11	the	the	DET
emaj-242	79	12	bist	bist	NOUN
emaj-242	79	13	in	in	ADP
emaj-242	79	14	turkey	turkey	NOUN
emaj-242	79	15	were	be	AUX
emaj-242	79	16	obtained	obtain	VERB
emaj-242	79	17	via	via	ADP
emaj-242	79	18	a	a	DET
emaj-242	79	19	letter	letter	NOUN
emaj-242	79	20	from	from	ADP
emaj-242	79	21	the	the	DET
emaj-242	79	22	borsa	borsa	PROPN
emaj-242	79	23	istanbul	istanbul	PROPN
emaj-242	79	24	marketing	marketing	PROPN
emaj-242	79	25	and	and	CCONJ
emaj-242	79	26	sales	sale	NOUN
emaj-242	79	27	directorate	directorate	NOUN
emaj-242	79	28	(	(	PUNCT
emaj-242	79	29	datastore.borsaistanbul.com	datastore.borsaistanbul.com	PROPN
emaj-242	79	30	)	)	PUNCT
emaj-242	79	31	.	.	PUNCT
emaj-242	80	1	data	datum	NOUN
emaj-242	80	2	on	on	ADP
emaj-242	80	3	balance	balance	NOUN
emaj-242	80	4	sheets	sheet	NOUN
emaj-242	80	5	,	,	PUNCT
emaj-242	80	6	income	income	NOUN
emaj-242	80	7	statements	statement	NOUN
emaj-242	80	8	,	,	PUNCT
emaj-242	80	9	and	and	CCONJ
emaj-242	80	10	end	end	NOUN
emaj-242	80	11	-	-	PUNCT
emaj-242	80	12	of	of	ADP
emaj-242	80	13	-	-	PUNCT
emaj-242	80	14	day	day	NOUN
emaj-242	80	15	price	price	NOUN
emaj-242	80	16	information	information	NOUN
emaj-242	80	17	for	for	ADP
emaj-242	80	18	the	the	DET
emaj-242	80	19	years	year	NOUN
emaj-242	80	20	between	between	ADP
emaj-242	80	21	2004	2004	NUM
emaj-242	80	22	-	-	PUNCT
emaj-242	80	23	q2	q2	PROPN
emaj-242	80	24	and	and	CCONJ
emaj-242	80	25	2009	2009	NUM
emaj-242	80	26	-	-	PUNCT
emaj-242	80	27	q3	q3	NOUN
emaj-242	80	28	were	be	AUX
emaj-242	80	29	obtained	obtain	VERB
emaj-242	80	30	in	in	ADP
emaj-242	80	31	https://datastore.borsaistanbul.com/	https://datastore.borsaistanbul.com/	NOUN
emaj-242	80	32	volume	volume	NOUN
emaj-242	80	33	12	12	NUM
emaj-242	80	34	no	no	DET
emaj-242	80	35	1	1	NUM
emaj-242	80	36	(	(	PUNCT
emaj-242	80	37	2021	2021	NUM
emaj-242	80	38	)	)	PUNCT
emaj-242	80	39	|	|	ADV
emaj-242	80	40	issn	issn	VERB
emaj-242	80	41	2158	2158	NUM
emaj-242	80	42	-	-	SYM
emaj-242	80	43	8708	8708	NUM
emaj-242	80	44	(	(	PUNCT
emaj-242	80	45	online	online	NOUN
emaj-242	80	46	)	)	PUNCT
emaj-242	80	47	|	|	ADV
emaj-242	80	48	doi	doi	X
emaj-242	80	49	10.5195	10.5195	NUM
emaj-242	80	50	/	/	SYM
emaj-242	80	51	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	80	52	|	|	ADV
emaj-242	80	53	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-242	80	54	effects	effect	NOUN
emaj-242	80	55	of	of	ADP
emaj-242	80	56	changes	change	NOUN
emaj-242	80	57	in	in	ADP
emaj-242	80	58	financial	financial	ADJ
emaj-242	80	59	ratios	ratio	NOUN
emaj-242	80	60	of	of	ADP
emaj-242	80	61	companies	company	NOUN
emaj-242	80	62	on	on	ADP
emaj-242	80	63	the	the	DET
emaj-242	80	64	performance	performance	NOUN
emaj-242	80	65	of	of	ADP
emaj-242	80	66	stock	stock	NOUN
emaj-242	80	67	prices	price	NOUN
emaj-242	80	68	in	in	ADP
emaj-242	80	69	the	the	DET
emaj-242	80	70	exchange	exchange	NOUN
emaj-242	80	71	market	market	NOUN
emaj-242	80	72	:	:	PUNCT
emaj-242	80	73	the	the	DET
emaj-242	80	74	automotive	automotive	ADJ
emaj-242	80	75	sector	sector	NOUN
emaj-242	80	76	page	page	NOUN
emaj-242	80	77	|4|	|4|	PROPN
emaj-242	80	78	emerging	emerge	VERB
emaj-242	80	79	markets	market	NOUN
emaj-242	80	80	journal	journal	NOUN
emaj-242	80	81	that	that	DET
emaj-242	80	82	way	way	NOUN
emaj-242	80	83	.	.	PUNCT
emaj-242	81	1	data	datum	NOUN
emaj-242	81	2	for	for	ADP
emaj-242	81	3	the	the	DET
emaj-242	81	4	periods	period	NOUN
emaj-242	81	5	after	after	SCONJ
emaj-242	81	6	2009	2009	NUM
emaj-242	81	7	-	-	PUNCT
emaj-242	81	8	q3	q3	NOUN
emaj-242	81	9	were	be	AUX
emaj-242	81	10	available	available	ADJ
emaj-242	81	11	online	online	ADV
emaj-242	81	12	at	at	ADP
emaj-242	81	13	www.kap.org.tr	www.kap.org.tr	ADV
emaj-242	81	14	.	.	PUNCT
emaj-242	82	1	in	in	ADP
emaj-242	82	2	addition	addition	NOUN
emaj-242	82	3	,	,	PUNCT
emaj-242	82	4	online	online	ADJ
emaj-242	82	5	data	datum	NOUN
emaj-242	82	6	from	from	ADP
emaj-242	82	7	these	these	DET
emaj-242	82	8	companies	company	NOUN
emaj-242	82	9	and	and	CCONJ
emaj-242	82	10	various	various	ADJ
emaj-242	82	11	securities	security	NOUN
emaj-242	82	12	brokerage	brokerage	NOUN
emaj-242	82	13	houses	house	NOUN
emaj-242	82	14	were	be	AUX
emaj-242	82	15	obtained	obtain	VERB
emaj-242	82	16	,	,	PUNCT
emaj-242	82	17	particularly	particularly	ADV
emaj-242	82	18	by	by	ADP
emaj-242	82	19	reviewing	review	VERB
emaj-242	82	20	the	the	DET
emaj-242	82	21	“	"	PUNCT
emaj-242	82	22	investor	investor	NOUN
emaj-242	82	23	relations	relation	NOUN
emaj-242	82	24	”	"	PUNCT
emaj-242	82	25	sections	section	NOUN
emaj-242	82	26	of	of	ADP
emaj-242	82	27	company	company	NOUN
emaj-242	82	28	websites	website	NOUN
emaj-242	82	29	.	.	PUNCT
emaj-242	83	1	data	datum	NOUN
emaj-242	83	2	for	for	ADP
emaj-242	83	3	the	the	DET
emaj-242	83	4	companies	company	NOUN
emaj-242	83	5	traded	trade	VERB
emaj-242	83	6	in	in	ADP
emaj-242	83	7	the	the	DET
emaj-242	83	8	stock	stock	NOUN
emaj-242	83	9	exchanges	exchange	NOUN
emaj-242	83	10	of	of	ADP
emaj-242	83	11	other	other	ADJ
emaj-242	83	12	countries	country	NOUN
emaj-242	83	13	were	be	AUX
emaj-242	83	14	obtained	obtain	VERB
emaj-242	83	15	from	from	ADP
emaj-242	83	16	relevant	relevant	ADJ
emaj-242	83	17	stock	stock	NOUN
emaj-242	83	18	exchange	exchange	NOUN
emaj-242	83	19	websites	website	NOUN
emaj-242	83	20	.	.	PUNCT
emaj-242	84	1	data	datum	NOUN
emaj-242	84	2	on	on	ADP
emaj-242	84	3	balance	balance	NOUN
emaj-242	84	4	sheets	sheet	NOUN
emaj-242	84	5	,	,	PUNCT
emaj-242	84	6	income	income	NOUN
emaj-242	84	7	statements	statement	NOUN
emaj-242	84	8	,	,	PUNCT
emaj-242	84	9	and	and	CCONJ
emaj-242	84	10	end	end	NOUN
emaj-242	84	11	-	-	PUNCT
emaj-242	84	12	of	of	ADP
emaj-242	84	13	-	-	PUNCT
emaj-242	84	14	day	day	NOUN
emaj-242	84	15	price	price	NOUN
emaj-242	84	16	information	information	NOUN
emaj-242	84	17	announced	announce	VERB
emaj-242	84	18	by	by	ADP
emaj-242	84	19	the	the	DET
emaj-242	84	20	companies	company	NOUN
emaj-242	84	21	were	be	AUX
emaj-242	84	22	also	also	ADV
emaj-242	84	23	obtained	obtain	VERB
emaj-242	84	24	from	from	ADP
emaj-242	84	25	the	the	DET
emaj-242	84	26	“	"	PUNCT
emaj-242	84	27	investor	investor	NOUN
emaj-242	84	28	relations	relation	NOUN
emaj-242	84	29	”	"	PUNCT
emaj-242	84	30	sections	section	NOUN
emaj-242	84	31	of	of	ADP
emaj-242	84	32	their	their	PRON
emaj-242	84	33	websites	website	NOUN
emaj-242	84	34	.	.	PUNCT
emaj-242	85	1	the	the	DET
emaj-242	85	2	websites	website	NOUN
emaj-242	85	3	of	of	ADP
emaj-242	85	4	various	various	ADJ
emaj-242	85	5	securities	security	NOUN
emaj-242	85	6	brokerage	brokerage	NOUN
emaj-242	85	7	houses	house	NOUN
emaj-242	85	8	were	be	AUX
emaj-242	85	9	also	also	ADV
emaj-242	85	10	reviewed	review	VERB
emaj-242	85	11	.	.	PUNCT
emaj-242	86	1	research	research	NOUN
emaj-242	86	2	methodology	methodology	NOUN
emaj-242	86	3	panel	panel	NOUN
emaj-242	86	4	data	data	VERB
emaj-242	86	5	analysis	analysis	NOUN
emaj-242	86	6	,	,	PUNCT
emaj-242	86	7	used	use	VERB
emaj-242	86	8	in	in	ADP
emaj-242	86	9	the	the	DET
emaj-242	86	10	present	present	ADJ
emaj-242	86	11	work	work	NOUN
emaj-242	86	12	,	,	PUNCT
emaj-242	86	13	is	be	AUX
emaj-242	86	14	an	an	DET
emaj-242	86	15	analysis	analysis	NOUN
emaj-242	86	16	method	method	NOUN
emaj-242	86	17	selected	select	VERB
emaj-242	86	18	when	when	SCONJ
emaj-242	86	19	the	the	DET
emaj-242	86	20	data	datum	NOUN
emaj-242	86	21	to	to	PART
emaj-242	86	22	be	be	AUX
emaj-242	86	23	analyzed	analyze	VERB
emaj-242	86	24	have	have	VERB
emaj-242	86	25	both	both	CCONJ
emaj-242	86	26	horizontal	horizontal	ADJ
emaj-242	86	27	and	and	CCONJ
emaj-242	86	28	vertical	vertical	ADJ
emaj-242	86	29	dimensions	dimension	NOUN
emaj-242	86	30	.	.	PUNCT
emaj-242	87	1	in	in	ADP
emaj-242	87	2	other	other	ADJ
emaj-242	87	3	words	word	NOUN
emaj-242	87	4	,	,	PUNCT
emaj-242	87	5	the	the	DET
emaj-242	87	6	data	datum	NOUN
emaj-242	87	7	are	be	AUX
emaj-242	87	8	both	both	PRON
emaj-242	87	9	spaceand	spaceand	ADJ
emaj-242	87	10	time	time	NOUN
emaj-242	87	11	-	-	PUNCT
emaj-242	87	12	dimensional	dimensional	ADJ
emaj-242	87	13	(	(	PUNCT
emaj-242	87	14	kutlar	kutlar	ADJ
emaj-242	87	15	,	,	PUNCT
emaj-242	87	16	2017	2017	NUM
emaj-242	87	17	)	)	PUNCT
emaj-242	87	18	.	.	PUNCT
emaj-242	88	1	panel	panel	NOUN
emaj-242	88	2	data	data	PROPN
emaj-242	88	3	regression	regression	NOUN
emaj-242	88	4	models	model	NOUN
emaj-242	88	5	are	be	AUX
emaj-242	88	6	increasingly	increasingly	ADV
emaj-242	88	7	used	use	VERB
emaj-242	88	8	by	by	ADP
emaj-242	88	9	researchers	researcher	NOUN
emaj-242	88	10	in	in	ADP
emaj-242	88	11	many	many	ADJ
emaj-242	88	12	fields	field	NOUN
emaj-242	88	13	particularly	particularly	ADV
emaj-242	88	14	due	due	ADJ
emaj-242	88	15	to	to	ADP
emaj-242	88	16	the	the	DET
emaj-242	88	17	increasing	increase	VERB
emaj-242	88	18	availability	availability	NOUN
emaj-242	88	19	of	of	ADP
emaj-242	88	20	panel	panel	NOUN
emaj-242	88	21	data	datum	NOUN
emaj-242	88	22	in	in	ADP
emaj-242	88	23	the	the	DET
emaj-242	88	24	social	social	ADJ
emaj-242	88	25	sciences	science	NOUN
emaj-242	88	26	,	,	PUNCT
emaj-242	88	27	combining	combine	VERB
emaj-242	88	28	features	feature	NOUN
emaj-242	88	29	of	of	ADP
emaj-242	88	30	both	both	DET
emaj-242	88	31	time	time	NOUN
emaj-242	88	32	series	series	NOUN
emaj-242	88	33	and	and	CCONJ
emaj-242	88	34	cross	cross	ADJ
emaj-242	88	35	-	-	ADJ
emaj-242	88	36	section	section	ADJ
emaj-242	88	37	data	datum	NOUN
emaj-242	88	38	(	(	PUNCT
emaj-242	88	39	gujarati	gujarati	PROPN
emaj-242	88	40	,	,	PUNCT
emaj-242	88	41	2004	2004	NUM
emaj-242	88	42	)	)	PUNCT
emaj-242	88	43	.	.	PUNCT
emaj-242	89	1	the	the	DET
emaj-242	89	2	general	general	ADJ
emaj-242	89	3	formula	formula	NOUN
emaj-242	89	4	established	establish	VERB
emaj-242	89	5	for	for	ADP
emaj-242	89	6	models	model	NOUN
emaj-242	89	7	in	in	ADP
emaj-242	89	8	panel	panel	NOUN
emaj-242	89	9	data	datum	NOUN
emaj-242	89	10	studies	study	NOUN
emaj-242	89	11	is	be	AUX
emaj-242	89	12	as	as	SCONJ
emaj-242	89	13	follows	follow	VERB
emaj-242	89	14	:	:	PUNCT
emaj-242	89	15	𝑌𝑖𝑡	𝑌𝑖𝑡	NOUN
emaj-242	89	16	=	=	SYM
emaj-242	89	17	𝛼𝑖𝑡	𝛼𝑖𝑡	NOUN
emaj-242	89	18	+	+	NUM
emaj-242	89	19	𝛽1𝑋𝑖𝑡	𝛽1𝑋𝑖𝑡	NOUN
emaj-242	89	20	+	+	CCONJ
emaj-242	89	21	𝑢𝑖𝑡.	𝑢𝑖𝑡.	X
emaj-242	89	22	here	here	ADV
emaj-242	89	23	y	y	PRON
emaj-242	89	24	represents	represent	VERB
emaj-242	89	25	the	the	DET
emaj-242	89	26	dependent	dependent	ADJ
emaj-242	89	27	variable	variable	NOUN
emaj-242	89	28	,	,	PUNCT
emaj-242	89	29	α	α	PROPN
emaj-242	89	30	is	be	AUX
emaj-242	89	31	a	a	DET
emaj-242	89	32	constant	constant	ADJ
emaj-242	89	33	,	,	PUNCT
emaj-242	89	34	β	β	X
emaj-242	89	35	is	be	AUX
emaj-242	89	36	the	the	DET
emaj-242	89	37	slope	slope	NOUN
emaj-242	89	38	parameter	parameter	NOUN
emaj-242	89	39	,	,	PUNCT
emaj-242	89	40	x	x	X
emaj-242	89	41	is	be	AUX
emaj-242	89	42	the	the	DET
emaj-242	89	43	independent	independent	ADJ
emaj-242	89	44	variable	variable	NOUN
emaj-242	89	45	,	,	PUNCT
emaj-242	89	46	u	u	NOUN
emaj-242	89	47	is	be	AUX
emaj-242	89	48	an	an	DET
emaj-242	89	49	error	error	NOUN
emaj-242	89	50	component	component	NOUN
emaj-242	89	51	term	term	NOUN
emaj-242	89	52	,	,	PUNCT
emaj-242	89	53	i	i	PRON
emaj-242	89	54	represents	represent	VERB
emaj-242	89	55	the	the	DET
emaj-242	89	56	cross	cross	ADJ
emaj-242	89	57	-	-	ADJ
emaj-242	89	58	section	section	ADJ
emaj-242	89	59	dimension	dimension	NOUN
emaj-242	89	60	(	(	PUNCT
emaj-242	89	61	individuals	individual	NOUN
emaj-242	89	62	,	,	PUNCT
emaj-242	89	63	countries	country	NOUN
emaj-242	89	64	,	,	PUNCT
emaj-242	89	65	firms	firm	NOUN
emaj-242	89	66	,	,	PUNCT
emaj-242	89	67	households	household	NOUN
emaj-242	89	68	,	,	PUNCT
emaj-242	89	69	etc	etc	X
emaj-242	89	70	.	.	X
emaj-242	89	71	)	)	PUNCT
emaj-242	89	72	,	,	PUNCT
emaj-242	89	73	and	and	CCONJ
emaj-242	89	74	t	t	PROPN
emaj-242	89	75	represents	represent	VERB
emaj-242	89	76	the	the	DET
emaj-242	89	77	time	time	NOUN
emaj-242	89	78	dimension	dimension	NOUN
emaj-242	89	79	(	(	PUNCT
emaj-242	89	80	year	year	NOUN
emaj-242	89	81	,	,	PUNCT
emaj-242	89	82	month	month	NOUN
emaj-242	89	83	,	,	PUNCT
emaj-242	89	84	period	period	NOUN
emaj-242	89	85	,	,	PUNCT
emaj-242	89	86	etc	etc	X
emaj-242	89	87	.	.	X
emaj-242	89	88	)	)	PUNCT
emaj-242	89	89	.	.	PUNCT
emaj-242	90	1	the	the	DET
emaj-242	90	2	error	error	NOUN
emaj-242	90	3	component	component	NOUN
emaj-242	90	4	term	term	NOUN
emaj-242	90	5	can	can	AUX
emaj-242	90	6	be	be	AUX
emaj-242	90	7	defined	define	VERB
emaj-242	90	8	in	in	ADP
emaj-242	90	9	more	more	ADJ
emaj-242	90	10	detail	detail	NOUN
emaj-242	90	11	as	as	SCONJ
emaj-242	90	12	follows	follow	VERB
emaj-242	90	13	:	:	PUNCT
emaj-242	90	14	𝑢𝑖𝑡	𝑢𝑖𝑡	VERB
emaj-242	90	15	=	=	SYM
emaj-242	90	16	μ𝑖	μ𝑖	PROPN
emaj-242	90	17	+	+	CCONJ
emaj-242	90	18	ƛ𝑡	ƛ𝑡	NOUN
emaj-242	90	19	+	+	ADJ
emaj-242	90	20	𝜀𝑖𝑡.	𝜀𝑖𝑡.	X
emaj-242	90	21	here	here	ADV
emaj-242	90	22	,	,	PUNCT
emaj-242	90	23	u	u	NOUN
emaj-242	90	24	is	be	AUX
emaj-242	90	25	the	the	DET
emaj-242	90	26	error	error	NOUN
emaj-242	90	27	component	component	NOUN
emaj-242	90	28	term	term	NOUN
emaj-242	90	29	,	,	PUNCT
emaj-242	90	30	μ	μ	PROPN
emaj-242	90	31	is	be	AUX
emaj-242	90	32	the	the	DET
emaj-242	90	33	unobservable	unobservable	ADJ
emaj-242	90	34	individual	individual	ADJ
emaj-242	90	35	effect	effect	NOUN
emaj-242	90	36	,	,	PUNCT
emaj-242	90	37	ƛ	ƛ	X
emaj-242	90	38	is	be	AUX
emaj-242	90	39	the	the	DET
emaj-242	90	40	unobservable	unobservable	ADJ
emaj-242	90	41	time	time	NOUN
emaj-242	90	42	effect	effect	NOUN
emaj-242	90	43	,	,	PUNCT
emaj-242	90	44	i	i	PRON
emaj-242	90	45	represents	represent	VERB
emaj-242	90	46	individuals	individual	NOUN
emaj-242	90	47	,	,	PUNCT
emaj-242	90	48	t	t	PROPN
emaj-242	90	49	represents	represent	VERB
emaj-242	90	50	time	time	NOUN
emaj-242	90	51	,	,	PUNCT
emaj-242	90	52	and	and	CCONJ
emaj-242	90	53	ε	ε	PROPN
emaj-242	90	54	represents	represent	VERB
emaj-242	90	55	the	the	DET
emaj-242	90	56	error	error	NOUN
emaj-242	90	57	.	.	PUNCT
emaj-242	91	1	analysis	analysis	NOUN
emaj-242	91	2	in	in	ADP
emaj-242	91	3	preparation	preparation	NOUN
emaj-242	91	4	for	for	ADP
emaj-242	91	5	the	the	DET
emaj-242	91	6	analysis	analysis	NOUN
emaj-242	91	7	,	,	PUNCT
emaj-242	91	8	items	item	NOUN
emaj-242	91	9	from	from	ADP
emaj-242	91	10	accounting	account	VERB
emaj-242	91	11	records	record	NOUN
emaj-242	91	12	related	relate	VERB
emaj-242	91	13	to	to	ADP
emaj-242	91	14	the	the	DET
emaj-242	91	15	12	12	NUM
emaj-242	91	16	ratios	ratio	NOUN
emaj-242	91	17	listed	list	VERB
emaj-242	91	18	above	above	ADV
emaj-242	91	19	were	be	AUX
emaj-242	91	20	extracted	extract	VERB
emaj-242	91	21	from	from	ADP
emaj-242	91	22	balance	balance	NOUN
emaj-242	91	23	sheets	sheet	NOUN
emaj-242	91	24	and	and	CCONJ
emaj-242	91	25	income	income	NOUN
emaj-242	91	26	statements	statement	NOUN
emaj-242	91	27	,	,	PUNCT
emaj-242	91	28	and	and	CCONJ
emaj-242	91	29	excel	excel	NOUN
emaj-242	91	30	tables	table	NOUN
emaj-242	91	31	were	be	AUX
emaj-242	91	32	created	create	VERB
emaj-242	91	33	with	with	ADP
emaj-242	91	34	calculations	calculation	NOUN
emaj-242	91	35	of	of	ADP
emaj-242	91	36	the	the	DET
emaj-242	91	37	quarterly	quarterly	ADJ
emaj-242	91	38	ratios	ratio	NOUN
emaj-242	91	39	for	for	ADP
emaj-242	91	40	each	each	DET
emaj-242	91	41	company	company	NOUN
emaj-242	91	42	.	.	PUNCT
emaj-242	92	1	for	for	ADP
emaj-242	92	2	the	the	DET
emaj-242	92	3	calculation	calculation	NOUN
emaj-242	92	4	of	of	ADP
emaj-242	92	5	the	the	DET
emaj-242	92	6	dependent	dependent	ADJ
emaj-242	92	7	p	p	NOUN
emaj-242	92	8	variable	variable	NOUN
emaj-242	92	9	,	,	PUNCT
emaj-242	92	10	or	or	CCONJ
emaj-242	92	11	price	price	NOUN
emaj-242	92	12	,	,	PUNCT
emaj-242	92	13	the	the	DET
emaj-242	92	14	end	end	NOUN
emaj-242	92	15	-	-	PUNCT
emaj-242	92	16	of	of	ADP
emaj-242	92	17	-	-	PUNCT
emaj-242	92	18	day	day	NOUN
emaj-242	92	19	closing	closing	NOUN
emaj-242	92	20	price	price	NOUN
emaj-242	92	21	data	datum	NOUN
emaj-242	92	22	of	of	ADP
emaj-242	92	23	these	these	DET
emaj-242	92	24	companies	company	NOUN
emaj-242	92	25	were	be	AUX
emaj-242	92	26	calculated	calculate	VERB
emaj-242	92	27	as	as	ADP
emaj-242	92	28	average	average	ADJ
emaj-242	92	29	prices	price	NOUN
emaj-242	92	30	corresponding	correspond	VERB
emaj-242	92	31	to	to	ADP
emaj-242	92	32	each	each	DET
emaj-242	92	33	quarter	quarter	NOUN
emaj-242	92	34	by	by	ADP
emaj-242	92	35	taking	take	VERB
emaj-242	92	36	the	the	DET
emaj-242	92	37	monthly	monthly	ADJ
emaj-242	92	38	averages	average	NOUN
emaj-242	92	39	and	and	CCONJ
emaj-242	92	40	then	then	ADV
emaj-242	92	41	determining	determine	VERB
emaj-242	92	42	the	the	DET
emaj-242	92	43	quarterly	quarterly	ADJ
emaj-242	92	44	averages	average	NOUN
emaj-242	92	45	.	.	PUNCT
emaj-242	93	1	the	the	DET
emaj-242	93	2	excel	excel	ADJ
emaj-242	93	3	spreadsheets	spreadsheet	NOUN
emaj-242	93	4	obtained	obtain	VERB
emaj-242	93	5	in	in	ADP
emaj-242	93	6	this	this	DET
emaj-242	93	7	way	way	NOUN
emaj-242	93	8	were	be	AUX
emaj-242	93	9	analyzed	analyze	VERB
emaj-242	93	10	using	use	VERB
emaj-242	93	11	the	the	DET
emaj-242	93	12	gauss	gauss	ADJ
emaj-242	93	13	and	and	CCONJ
emaj-242	93	14	stata	stata	VERB
emaj-242	93	15	computer	computer	NOUN
emaj-242	93	16	programmes	programme	NOUN
emaj-242	93	17	.	.	PUNCT
emaj-242	94	1	analysis	analysis	NOUN
emaj-242	94	2	stages	stage	NOUN
emaj-242	94	3	were	be	AUX
emaj-242	94	4	followed	follow	VERB
emaj-242	94	5	in	in	ADP
emaj-242	94	6	the	the	DET
emaj-242	94	7	same	same	ADJ
emaj-242	94	8	way	way	NOUN
emaj-242	94	9	in	in	ADP
emaj-242	94	10	the	the	DET
emaj-242	94	11	same	same	ADJ
emaj-242	94	12	order	order	NOUN
emaj-242	94	13	for	for	ADP
emaj-242	94	14	all	all	DET
emaj-242	94	15	considered	consider	VERB
emaj-242	94	16	companies	company	NOUN
emaj-242	94	17	,	,	PUNCT
emaj-242	94	18	both	both	CCONJ
emaj-242	94	19	those	those	PRON
emaj-242	94	20	traded	trade	VERB
emaj-242	94	21	in	in	ADP
emaj-242	94	22	the	the	DET
emaj-242	94	23	bist	bist	NOUN
emaj-242	94	24	and	and	CCONJ
emaj-242	94	25	those	those	PRON
emaj-242	94	26	traded	trade	VERB
emaj-242	94	27	in	in	ADP
emaj-242	94	28	the	the	DET
emaj-242	94	29	stock	stock	NOUN
emaj-242	94	30	exchanges	exchange	NOUN
emaj-242	94	31	of	of	ADP
emaj-242	94	32	other	other	ADJ
emaj-242	94	33	countries	country	NOUN
emaj-242	94	34	.	.	PUNCT
emaj-242	95	1	cross	cross	ADJ
emaj-242	95	2	-	-	ADJ
emaj-242	95	3	section	section	ADJ
emaj-242	95	4	dependence	dependence	NOUN
emaj-242	95	5	and	and	CCONJ
emaj-242	95	6	unit	unit	NOUN
emaj-242	95	7	root	root	NOUN
emaj-242	95	8	tests	test	VERB
emaj-242	96	1	cross	cross	ADJ
emaj-242	96	2	-	-	ADJ
emaj-242	96	3	section	section	ADJ
emaj-242	96	4	dependence	dependence	NOUN
emaj-242	96	5	signifies	signify	VERB
emaj-242	96	6	the	the	DET
emaj-242	96	7	correlation	correlation	NOUN
emaj-242	96	8	between	between	ADP
emaj-242	96	9	calculated	calculate	VERB
emaj-242	96	10	error	error	NOUN
emaj-242	96	11	terms	term	NOUN
emaj-242	96	12	for	for	ADP
emaj-242	96	13	each	each	DET
emaj-242	96	14	unit	unit	NOUN
emaj-242	96	15	of	of	ADP
emaj-242	96	16	a	a	DET
emaj-242	96	17	panel	panel	NOUN
emaj-242	96	18	data	data	NOUN
emaj-242	96	19	model	model	NOUN
emaj-242	96	20	(	(	PUNCT
emaj-242	96	21	tatoğlu	tatoğlu	NOUN
emaj-242	96	22	,	,	PUNCT
emaj-242	96	23	2018	2018	NUM
emaj-242	96	24	)	)	PUNCT
emaj-242	96	25	.	.	PUNCT
emaj-242	97	1	first	first	ADJ
emaj-242	97	2	-	-	PUNCT
emaj-242	97	3	generation	generation	NOUN
emaj-242	97	4	panel	panel	NOUN
emaj-242	97	5	unit	unit	NOUN
emaj-242	97	6	root	root	NOUN
emaj-242	97	7	and	and	CCONJ
emaj-242	97	8	stationarity	stationarity	NOUN
emaj-242	97	9	tests	test	NOUN
emaj-242	97	10	are	be	AUX
emaj-242	97	11	generally	generally	ADV
emaj-242	97	12	based	base	VERB
emaj-242	97	13	on	on	ADP
emaj-242	97	14	the	the	DET
emaj-242	97	15	assumption	assumption	NOUN
emaj-242	97	16	that	that	SCONJ
emaj-242	97	17	cross	cross	ADJ
emaj-242	97	18	-	-	ADJ
emaj-242	97	19	section	section	ADJ
emaj-242	97	20	units	unit	NOUN
emaj-242	97	21	are	be	AUX
emaj-242	97	22	independent	independent	ADJ
emaj-242	97	23	or	or	CCONJ
emaj-242	97	24	at	at	ADP
emaj-242	97	25	least	least	ADJ
emaj-242	97	26	not	not	PART
emaj-242	97	27	cross	cross	AUX
emaj-242	97	28	-	-	ADJ
emaj-242	97	29	sectionally	sectionally	ADV
emaj-242	97	30	correlated	correlate	VERB
emaj-242	97	31	with	with	ADP
emaj-242	97	32	each	each	DET
emaj-242	97	33	other	other	ADJ
emaj-242	97	34	,	,	PUNCT
emaj-242	97	35	but	but	CCONJ
emaj-242	97	36	in	in	ADP
emaj-242	97	37	most	most	ADJ
emaj-242	97	38	empirical	empirical	ADJ
emaj-242	97	39	applications	application	NOUN
emaj-242	97	40	this	this	DET
emaj-242	97	41	assumption	assumption	NOUN
emaj-242	97	42	is	be	AUX
emaj-242	97	43	incorrect	incorrect	ADJ
emaj-242	97	44	.	.	PUNCT
emaj-242	98	1	therefore	therefore	ADV
emaj-242	98	2	,	,	PUNCT
emaj-242	98	3	it	it	PRON
emaj-242	98	4	has	have	AUX
emaj-242	98	5	become	become	VERB
emaj-242	98	6	imperative	imperative	ADJ
emaj-242	98	7	to	to	PART
emaj-242	98	8	develop	develop	VERB
emaj-242	98	9	new	new	ADJ
emaj-242	98	10	tests	test	NOUN
emaj-242	98	11	that	that	PRON
emaj-242	98	12	take	take	VERB
emaj-242	98	13	into	into	ADP
emaj-242	98	14	account	account	NOUN
emaj-242	98	15	the	the	DET
emaj-242	98	16	possibility	possibility	NOUN
emaj-242	98	17	of	of	ADP
emaj-242	98	18	crosssection	crosssection	NOUN
emaj-242	98	19	dependence	dependence	NOUN
emaj-242	98	20	in	in	ADP
emaj-242	98	21	a	a	DET
emaj-242	98	22	series	series	NOUN
emaj-242	98	23	(	(	PUNCT
emaj-242	98	24	hadri	hadri	PROPN
emaj-242	98	25	and	and	CCONJ
emaj-242	98	26	kurozumi	kurozumi	PROPN
emaj-242	98	27	,	,	PUNCT
emaj-242	98	28	2012	2012	NUM
emaj-242	98	29	)	)	PUNCT
emaj-242	98	30	.	.	PUNCT
emaj-242	99	1	second	second	ADJ
emaj-242	99	2	-	-	PUNCT
emaj-242	99	3	generation	generation	NOUN
emaj-242	99	4	unit	unit	NOUN
emaj-242	99	5	root	root	NOUN
emaj-242	99	6	tests	test	NOUN
emaj-242	99	7	(	(	PUNCT
emaj-242	99	8	pesaran	pesaran	VERB
emaj-242	99	9	,	,	PUNCT
emaj-242	99	10	2007	2007	NUM
emaj-242	99	11	;	;	PUNCT
emaj-242	99	12	hadri	hadri	PROPN
emaj-242	99	13	and	and	CCONJ
emaj-242	99	14	kurozumi	kurozumi	PROPN
emaj-242	99	15	,	,	PUNCT
emaj-242	99	16	2012	2012	NUM
emaj-242	99	17	)	)	PUNCT
emaj-242	99	18	were	be	AUX
emaj-242	99	19	accordingly	accordingly	ADV
emaj-242	99	20	applied	apply	VERB
emaj-242	99	21	in	in	ADP
emaj-242	99	22	this	this	DET
emaj-242	99	23	work	work	NOUN
emaj-242	99	24	.	.	PUNCT
emaj-242	100	1	in	in	ADP
emaj-242	100	2	both	both	DET
emaj-242	100	3	data	datum	NOUN
emaj-242	100	4	panels	panel	NOUN
emaj-242	100	5	,	,	PUNCT
emaj-242	100	6	the	the	DET
emaj-242	100	7	time	time	NOUN
emaj-242	100	8	dimension	dimension	NOUN
emaj-242	100	9	is	be	AUX
emaj-242	100	10	t	t	PROPN
emaj-242	100	11	>	>	X
emaj-242	100	12	10	10	NUM
emaj-242	100	13	.	.	PUNCT
emaj-242	101	1	to	to	PART
emaj-242	101	2	test	test	VERB
emaj-242	101	3	whether	whether	SCONJ
emaj-242	101	4	a	a	DET
emaj-242	101	5	unit	unit	NOUN
emaj-242	101	6	root	root	NOUN
emaj-242	101	7	was	be	AUX
emaj-242	101	8	present	present	ADJ
emaj-242	101	9	in	in	ADP
emaj-242	101	10	the	the	DET
emaj-242	101	11	datasets	dataset	NOUN
emaj-242	101	12	,	,	PUNCT
emaj-242	101	13	the	the	DET
emaj-242	101	14	cips	cip	NOUN
emaj-242	101	15	tests	test	NOUN
emaj-242	101	16	(	(	PUNCT
emaj-242	101	17	𝐻0	𝐻0	PROPN
emaj-242	101	18	:	:	PUNCT
emaj-242	101	19	series	series	PROPN
emaj-242	101	20	contain	contain	VERB
emaj-242	101	21	unit	unit	NOUN
emaj-242	101	22	roots	root	NOUN
emaj-242	101	23	)	)	PUNCT
emaj-242	101	24	developed	develop	VERB
emaj-242	101	25	by	by	ADP
emaj-242	101	26	pesaran	pesaran	NOUN
emaj-242	101	27	(	(	PUNCT
emaj-242	101	28	2007	2007	NUM
emaj-242	101	29	)	)	PUNCT
emaj-242	101	30	and	and	CCONJ
emaj-242	101	31	the	the	DET
emaj-242	101	32	𝑍𝐴	𝑍𝐴	PROPN
emaj-242	101	33	𝑆𝑃𝐶	𝑆𝑃𝐶	PROPN
emaj-242	101	34	and	and	CCONJ
emaj-242	101	35	𝑍𝐴	𝑍𝐴	PROPN
emaj-242	101	36	𝐿𝐴	𝐿𝐴	PROPN
emaj-242	101	37	tests	test	VERB
emaj-242	101	38	(	(	PUNCT
emaj-242	101	39	𝐻0	𝐻0	PROPN
emaj-242	101	40	:	:	PUNCT
emaj-242	101	41	series	series	PROPN
emaj-242	101	42	do	do	AUX
emaj-242	101	43	not	not	PART
emaj-242	101	44	contain	contain	VERB
emaj-242	101	45	unit	unit	NOUN
emaj-242	101	46	roots	root	NOUN
emaj-242	101	47	)	)	PUNCT
emaj-242	101	48	developed	develop	VERB
emaj-242	101	49	by	by	ADP
emaj-242	101	50	hadri	hadri	PROPN
emaj-242	101	51	and	and	CCONJ
emaj-242	101	52	kurozumi	kurozumi	PROPN
emaj-242	101	53	(	(	PUNCT
emaj-242	101	54	2012	2012	NUM
emaj-242	101	55	)	)	PUNCT
emaj-242	101	56	were	be	AUX
emaj-242	101	57	used	use	VERB
emaj-242	101	58	.	.	PUNCT
emaj-242	102	1	the	the	DET
emaj-242	102	2	probability	probability	NOUN
emaj-242	102	3	reference	reference	NOUN
emaj-242	102	4	values	value	NOUN
emaj-242	102	5	for	for	ADP
emaj-242	102	6	these	these	DET
emaj-242	102	7	tests	test	NOUN
emaj-242	102	8	are	be	AUX
emaj-242	102	9	shown	show	VERB
emaj-242	102	10	in	in	ADP
emaj-242	102	11	table	table	NOUN
emaj-242	102	12	1	1	NUM
emaj-242	102	13	.	.	PUNCT
emaj-242	102	14	table	table	NOUN
emaj-242	102	15	1	1	NUM
emaj-242	102	16	:	:	PUNCT
emaj-242	102	17	probability	probability	NOUN
emaj-242	102	18	reference	reference	NOUN
emaj-242	102	19	values	value	NOUN
emaj-242	102	20	(	(	PUNCT
emaj-242	102	21	p	p	NOUN
emaj-242	102	22	)	)	PUNCT
emaj-242	102	23	for	for	ADP
emaj-242	102	24	unit	unit	NOUN
emaj-242	102	25	root	root	NOUN
emaj-242	102	26	tests	test	NOUN
emaj-242	102	27	source	source	NOUN
emaj-242	102	28	:	:	PUNCT
emaj-242	102	29	(	(	PUNCT
emaj-242	102	30	hadri	hadri	PROPN
emaj-242	102	31	and	and	CCONJ
emaj-242	102	32	kurozumi	kurozumi	PROPN
emaj-242	102	33	,	,	PUNCT
emaj-242	102	34	2012	2012	NUM
emaj-242	102	35	;	;	PUNCT
emaj-242	102	36	h.	h.	PROPN
emaj-242	102	37	m.	m.	PROPN
emaj-242	102	38	pesaran	pesaran	PROPN
emaj-242	102	39	,	,	PUNCT
emaj-242	102	40	2007	2007	NUM
emaj-242	102	41	)	)	PUNCT
emaj-242	102	42	cross	cross	ADJ
emaj-242	102	43	-	-	ADJ
emaj-242	102	44	section	section	ADJ
emaj-242	102	45	dependence	dependence	NOUN
emaj-242	102	46	was	be	AUX
emaj-242	102	47	tested	test	VERB
emaj-242	102	48	using	use	VERB
emaj-242	102	49	the	the	DET
emaj-242	102	50	bias	bias	NOUN
emaj-242	102	51	-	-	PUNCT
emaj-242	102	52	adjusted	adjust	VERB
emaj-242	102	53	lm(lm_ad	lm(lm_ad	NOUN
emaj-242	102	54	)	)	PUNCT
emaj-242	102	55	test	test	NOUN
emaj-242	102	56	(	(	PUNCT
emaj-242	102	57	𝐻0	𝐻0	PROPN
emaj-242	102	58	:	:	PUNCT
emaj-242	102	59	no	no	DET
emaj-242	102	60	cross	cross	ADJ
emaj-242	102	61	-	-	ADJ
emaj-242	102	62	section	section	ADJ
emaj-242	102	63	dependence	dependence	NOUN
emaj-242	102	64	)	)	PUNCT
emaj-242	102	65	as	as	SCONJ
emaj-242	102	66	suggested	suggest	VERB
emaj-242	102	67	by	by	ADP
emaj-242	102	68	(	(	PUNCT
emaj-242	102	69	h.	h.	PROPN
emaj-242	102	70	pesaran	pesaran	PROPN
emaj-242	102	71	,	,	PUNCT
emaj-242	102	72	ullah	ullah	PROPN
emaj-242	102	73	,	,	PUNCT
emaj-242	102	74	and	and	CCONJ
emaj-242	102	75	yamagata	yamagata	PROPN
emaj-242	102	76	,	,	PUNCT
emaj-242	102	77	2008	2008	NUM
emaj-242	102	78	)	)	PUNCT
emaj-242	102	79	as	as	SCONJ
emaj-242	102	80	cross	cross	ADJ
emaj-242	102	81	-	-	ADJ
emaj-242	102	82	section	section	ADJ
emaj-242	102	83	dependence	dependence	NOUN
emaj-242	102	84	between	between	ADP
emaj-242	102	85	series	series	NOUN
emaj-242	102	86	may	may	AUX
emaj-242	102	87	lead	lead	VERB
emaj-242	102	88	to	to	ADP
emaj-242	102	89	over	over	NOUN
emaj-242	102	90	-	-	PUNCT
emaj-242	102	91	rejection	rejection	NOUN
emaj-242	102	92	of	of	ADP
emaj-242	102	93	unit	unit	NOUN
emaj-242	102	94	root	root	NOUN
emaj-242	102	95	tests	test	NOUN
emaj-242	102	96	.	.	PUNCT
emaj-242	103	1	since	since	SCONJ
emaj-242	103	2	the	the	DET
emaj-242	103	3	test	test	NOUN
emaj-242	103	4	results	result	NOUN
emaj-242	103	5	obtained	obtain	VERB
emaj-242	103	6	via	via	ADP
emaj-242	103	7	the	the	DET
emaj-242	103	8	gauss	gauss	ADJ
emaj-242	103	9	programme	programme	PROPN
emaj-242	103	10	revealed	reveal	VERB
emaj-242	103	11	cross	cross	ADJ
emaj-242	103	12	-	-	ADJ
emaj-242	103	13	section	section	ADJ
emaj-242	103	14	dependence	dependence	NOUN
emaj-242	103	15	in	in	ADP
emaj-242	103	16	all	all	DET
emaj-242	103	17	series	series	NOUN
emaj-242	103	18	for	for	ADP
emaj-242	103	19	the	the	DET
emaj-242	103	20	companies	company	NOUN
emaj-242	103	21	traded	trade	VERB
emaj-242	103	22	in	in	ADP
emaj-242	103	23	turkey	turkey	NOUN
emaj-242	103	24	,	,	PUNCT
emaj-242	103	25	second	second	ADJ
emaj-242	103	26	-	-	PUNCT
emaj-242	103	27	generation	generation	NOUN
emaj-242	103	28	unit	unit	NOUN
emaj-242	103	29	root	root	NOUN
emaj-242	103	30	tests	test	NOUN
emaj-242	103	31	were	be	AUX
emaj-242	103	32	applied	apply	VERB
emaj-242	103	33	to	to	PART
emaj-242	103	34	test	test	VERB
emaj-242	103	35	whether	whether	SCONJ
emaj-242	103	36	the	the	DET
emaj-242	103	37	series	series	NOUN
emaj-242	103	38	were	be	AUX
emaj-242	103	39	stationary	stationary	ADJ
emaj-242	103	40	as	as	SCONJ
emaj-242	103	41	these	these	DET
emaj-242	103	42	tests	test	NOUN
emaj-242	103	43	allow	allow	VERB
emaj-242	103	44	for	for	ADP
emaj-242	103	45	cross	cross	ADJ
emaj-242	103	46	-	-	ADJ
emaj-242	103	47	section	section	ADJ
emaj-242	103	48	dependence	dependence	NOUN
emaj-242	103	49	,	,	PUNCT
emaj-242	103	50	unlike	unlike	ADP
emaj-242	103	51	firstgeneration	firstgeneration	NOUN
emaj-242	103	52	unit	unit	NOUN
emaj-242	103	53	root	root	NOUN
emaj-242	103	54	tests	test	NOUN
emaj-242	103	55	.	.	PUNCT
emaj-242	104	1	cross	cross	ADJ
emaj-242	104	2	-	-	ADJ
emaj-242	104	3	section	section	ADJ
emaj-242	104	4	dependence	dependence	NOUN
emaj-242	104	5	was	be	AUX
emaj-242	104	6	seen	see	VERB
emaj-242	104	7	in	in	ADP
emaj-242	104	8	all	all	PRON
emaj-242	104	9	of	of	ADP
emaj-242	104	10	the	the	DET
emaj-242	104	11	series	series	NOUN
emaj-242	104	12	and	and	CCONJ
emaj-242	104	13	the	the	DET
emaj-242	104	14	cips	cip	NOUN
emaj-242	104	15	and	and	CCONJ
emaj-242	104	16	hadri	hadri	PROPN
emaj-242	104	17	-	-	PUNCT
emaj-242	104	18	kurozumi	kurozumi	NOUN
emaj-242	104	19	tests	test	NOUN
emaj-242	104	20	showed	show	VERB
emaj-242	104	21	different	different	ADJ
emaj-242	104	22	levels	level	NOUN
emaj-242	104	23	of	of	ADP
emaj-242	104	24	integration	integration	NOUN
emaj-242	104	25	as	as	ADP
emaj-242	104	26	a	a	DET
emaj-242	104	27	result	result	NOUN
emaj-242	104	28	of	of	ADP
emaj-242	104	29	the	the	DET
emaj-242	104	30	unit	unit	NOUN
emaj-242	104	31	root	root	NOUN
emaj-242	104	32	tests	test	NOUN
emaj-242	104	33	conducted	conduct	VERB
emaj-242	104	34	for	for	ADP
emaj-242	104	35	the	the	DET
emaj-242	104	36	companies	company	NOUN
emaj-242	104	37	traded	trade	VERB
emaj-242	104	38	in	in	ADP
emaj-242	104	39	turkey	turkey	NOUN
emaj-242	104	40	as	as	SCONJ
emaj-242	104	41	seen	see	VERB
emaj-242	104	42	in	in	ADP
emaj-242	104	43	table	table	NOUN
emaj-242	104	44	2	2	NUM
emaj-242	104	45	below	below	ADV
emaj-242	104	46	.	.	PUNCT
emaj-242	105	1	(	(	PUNCT
emaj-242	105	2	p	p	X
emaj-242	105	3	)	)	PUNCT
emaj-242	105	4	probability	probability	NOUN
emaj-242	105	5	reference	reference	NOUN
emaj-242	105	6	values	value	VERB
emaj-242	105	7	t	t	NOUN
emaj-242	105	8	=	=	SYM
emaj-242	105	9	48	48	NUM
emaj-242	105	10	,	,	PUNCT
emaj-242	105	11	n	n	NOUN
emaj-242	105	12	=	=	SYM
emaj-242	105	13	7	7	NUM
emaj-242	105	14	,	,	PUNCT
emaj-242	105	15	cips	cip	NOUN
emaj-242	105	16	tests	test	VERB
emaj-242	105	17	𝒁𝑨	𝒁𝑨	PROPN
emaj-242	105	18	𝑺𝑷𝑪	𝑺𝑷𝑪	ADJ
emaj-242	105	19	and	and	CCONJ
emaj-242	105	20	𝒁𝑨	𝒁𝑨	PROPN
emaj-242	105	21	𝑳𝑨	𝑳𝑨	PROPN
emaj-242	105	22	test	test	NOUN
emaj-242	105	23	s	s	PART
emaj-242	105	24	intercep	intercep	NOUN
emaj-242	105	25	t	t	PROPN
emaj-242	105	26	intercept	intercept	NOUN
emaj-242	105	27	+	+	CCONJ
emaj-242	105	28	trend	trend	NOUN
emaj-242	105	29	1	1	NUM
emaj-242	105	30	per	per	ADP
emaj-242	105	31	cent	cent	NOUN
emaj-242	105	32	-2.55	-2.55	NOUN
emaj-242	105	33	-3.06	-3.06	NOUN
emaj-242	105	34	2.58	2.58	NUM
emaj-242	105	35	5	5	NUM
emaj-242	105	36	per	per	ADP
emaj-242	105	37	cent	cent	NOUN
emaj-242	105	38	-2.33	-2.33	NOUN
emaj-242	105	39	-2.84	-2.84	NOUN
emaj-242	105	40	1.96	1.96	NUM
emaj-242	105	41	10	10	NUM
emaj-242	105	42	per	per	ADP
emaj-242	105	43	cent	cent	NOUN
emaj-242	105	44	-2.21	-2.21	NOUN
emaj-242	105	45	-2.73	-2.73	NUM
emaj-242	105	46	1.645	1.645	NUM
emaj-242	105	47	volume	volume	NOUN
emaj-242	105	48	12	12	NUM
emaj-242	105	49	no	no	DET
emaj-242	105	50	1	1	NUM
emaj-242	105	51	(	(	PUNCT
emaj-242	105	52	2022	2022	NUM
emaj-242	105	53	)	)	PUNCT
emaj-242	105	54	|	|	ADV
emaj-242	105	55	issn	issn	VERB
emaj-242	105	56	2158	2158	NUM
emaj-242	105	57	-	-	SYM
emaj-242	105	58	8708	8708	NUM
emaj-242	105	59	(	(	PUNCT
emaj-242	105	60	online	online	NOUN
emaj-242	105	61	)	)	PUNCT
emaj-242	105	62	|	|	ADV
emaj-242	105	63	doi	doi	X
emaj-242	105	64	10.5195	10.5195	NUM
emaj-242	105	65	/	/	SYM
emaj-242	105	66	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	105	67	|	|	ADV
emaj-242	105	68	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-242	105	69	nurten	nurten	PROPN
emaj-242	105	70	dönmez	dönmez	NOUN
emaj-242	105	71	,	,	PUNCT
emaj-242	105	72	turgut	turgut	VERB
emaj-242	105	73	özkan	özkan	VERB
emaj-242	105	74	emerging	emerge	VERB
emaj-242	105	75	markets	market	NOUN
emaj-242	105	76	journal	journal	NOUN
emaj-242	106	1	|	|	ADV
emaj-242	106	2	p	p	NOUN
emaj-242	106	3	a	a	DET
emaj-242	106	4	g	g	NOUN
emaj-242	106	5	e	e	NOUN
emaj-242	106	6	5	5	NUM
emaj-242	106	7	table	table	NOUN
emaj-242	106	8	2	2	NUM
emaj-242	106	9	:	:	PUNCT
emaj-242	106	10	cross	cross	ADJ
emaj-242	106	11	-	-	ADJ
emaj-242	106	12	section	section	ADJ
emaj-242	106	13	dependence	dependence	NOUN
emaj-242	106	14	and	and	CCONJ
emaj-242	106	15	panel	panel	NOUN
emaj-242	106	16	unit	unit	NOUN
emaj-242	106	17	root	root	PROPN
emaj-242	106	18	test	test	NOUN
emaj-242	106	19	results	result	NOUN
emaj-242	106	20	for	for	ADP
emaj-242	106	21	companies	company	NOUN
emaj-242	106	22	traded	trade	VERB
emaj-242	106	23	in	in	ADP
emaj-242	106	24	turkey	turkey	PROPN
emaj-242	106	25	source	source	NOUN
emaj-242	106	26	:	:	PUNCT
emaj-242	106	27	stata	stata	PROPN
emaj-242	106	28	software	software	PROPN
emaj-242	106	29	output	output	NOUN
emaj-242	106	30	bias	bias	NOUN
emaj-242	106	31	-	-	PUNCT
emaj-242	106	32	adjusted	adjust	VERB
emaj-242	106	33	lm(lm_ad	lm(lm_ad	NOUN
emaj-242	106	34	)	)	PUNCT
emaj-242	106	35	test	test	NOUN
emaj-242	106	36	:	:	PUNCT
emaj-242	107	1	𝐻0	𝐻0	PROPN
emaj-242	107	2	:	:	PUNCT
emaj-242	107	3	no	no	DET
emaj-242	107	4	cross	cross	ADJ
emaj-242	107	5	-	-	ADJ
emaj-242	107	6	section	section	ADJ
emaj-242	107	7	dependence	dependence	NOUN
emaj-242	107	8	;	;	PUNCT
emaj-242	107	9	p	p	X
emaj-242	107	10	-	-	PUNCT
emaj-242	107	11	values	value	NOUN
emaj-242	107	12	:	:	PUNCT
emaj-242	107	13	0.01	0.01	NUM
emaj-242	107	14	(	(	PUNCT
emaj-242	107	15	*	*	PUNCT
emaj-242	107	16	*	*	PUNCT
emaj-242	107	17	*	*	PUNCT
emaj-242	107	18	)	)	PUNCT
emaj-242	107	19	,	,	PUNCT
emaj-242	107	20	0.05	0.05	NUM
emaj-242	107	21	(	(	PUNCT
emaj-242	107	22	*	*	PUNCT
emaj-242	107	23	*	*	PUNCT
emaj-242	107	24	)	)	PUNCT
emaj-242	107	25	,	,	PUNCT
emaj-242	107	26	0.10	0.10	NUM
emaj-242	107	27	(	(	PUNCT
emaj-242	107	28	*	*	NOUN
emaj-242	107	29	)	)	PUNCT
emaj-242	107	30	.	.	PUNCT
emaj-242	108	1	there	there	PRON
emaj-242	108	2	is	be	VERB
emaj-242	108	3	cross	cross	ADJ
emaj-242	108	4	-	-	ADJ
emaj-242	108	5	section	section	ADJ
emaj-242	108	6	dependence	dependence	NOUN
emaj-242	108	7	.	.	PUNCT
emaj-242	109	1	cips	cips	PROPN
emaj-242	109	2	test	test	PROPN
emaj-242	109	3	(	(	PUNCT
emaj-242	109	4	unit	unit	NOUN
emaj-242	109	5	root	root	NOUN
emaj-242	109	6	test	test	NOUN
emaj-242	109	7	):	):	PUNCT
emaj-242	109	8	𝐻0	𝐻0	PROPN
emaj-242	109	9	:	:	PUNCT
emaj-242	109	10	series	series	PROPN
emaj-242	109	11	contain	contain	VERB
emaj-242	109	12	unit	unit	NOUN
emaj-242	109	13	roots	root	NOUN
emaj-242	109	14	(	(	PUNCT
emaj-242	109	15	series	series	NOUN
emaj-242	109	16	are	be	AUX
emaj-242	109	17	not	not	PART
emaj-242	109	18	stationary	stationary	ADJ
emaj-242	109	19	)	)	PUNCT
emaj-242	109	20	(	(	PUNCT
emaj-242	109	21	pesaran	pesaran	VERB
emaj-242	109	22	,	,	PUNCT
emaj-242	109	23	2007	2007	NUM
emaj-242	109	24	)	)	PUNCT
emaj-242	109	25	.	.	PUNCT
emaj-242	110	1	hadri	hadri	PROPN
emaj-242	110	2	-	-	PUNCT
emaj-242	110	3	kurozumi	kurozumi	PROPN
emaj-242	110	4	test	test	NOUN
emaj-242	110	5	(	(	PUNCT
emaj-242	110	6	unit	unit	NOUN
emaj-242	110	7	root	root	NOUN
emaj-242	110	8	test	test	NOUN
emaj-242	110	9	):	):	PUNCT
emaj-242	110	10	𝐻0	𝐻0	PROPN
emaj-242	110	11	:	:	PUNCT
emaj-242	110	12	series	series	PROPN
emaj-242	110	13	do	do	AUX
emaj-242	110	14	not	not	PART
emaj-242	110	15	contain	contain	VERB
emaj-242	110	16	unit	unit	NOUN
emaj-242	110	17	roots	root	NOUN
emaj-242	110	18	(	(	PUNCT
emaj-242	110	19	series	series	NOUN
emaj-242	110	20	are	be	AUX
emaj-242	110	21	stationary	stationary	ADJ
emaj-242	110	22	)	)	PUNCT
emaj-242	110	23	;	;	PUNCT
emaj-242	110	24	p	p	X
emaj-242	110	25	-	-	PUNCT
emaj-242	110	26	values	value	NOUN
emaj-242	110	27	:	:	PUNCT
emaj-242	110	28	2.58	2.58	NUM
emaj-242	110	29	(	(	PUNCT
emaj-242	110	30	*	*	PUNCT
emaj-242	110	31	*	*	PUNCT
emaj-242	110	32	*	*	PUNCT
emaj-242	110	33	)	)	PUNCT
emaj-242	110	34	,	,	PUNCT
emaj-242	110	35	1.96	1.96	NUM
emaj-242	110	36	(	(	PUNCT
emaj-242	110	37	*	*	NOUN
emaj-242	110	38	*	*	PUNCT
emaj-242	110	39	)	)	PUNCT
emaj-242	110	40	,	,	PUNCT
emaj-242	110	41	1.645	1.645	NUM
emaj-242	110	42	(	(	PUNCT
emaj-242	110	43	*	*	NOUN
emaj-242	110	44	)	)	PUNCT
emaj-242	110	45	.	.	PUNCT
emaj-242	111	1	*	*	PUNCT
emaj-242	111	2	:	:	PUNCT
emaj-242	111	3	statistics	statistic	NOUN
emaj-242	111	4	are	be	AUX
emaj-242	111	5	significant	significant	ADJ
emaj-242	111	6	at	at	ADP
emaj-242	111	7	the	the	DET
emaj-242	111	8	10	10	NUM
emaj-242	111	9	per	per	NOUN
emaj-242	111	10	cent	cent	NOUN
emaj-242	111	11	level	level	NOUN
emaj-242	111	12	of	of	ADP
emaj-242	111	13	significance	significance	NOUN
emaj-242	111	14	.	.	PUNCT
emaj-242	112	1	*	*	PUNCT
emaj-242	112	2	*	*	PUNCT
emaj-242	112	3	:	:	PUNCT
emaj-242	112	4	statistics	statistic	NOUN
emaj-242	112	5	are	be	AUX
emaj-242	112	6	significant	significant	ADJ
emaj-242	112	7	at	at	ADP
emaj-242	112	8	the	the	DET
emaj-242	112	9	5	5	NUM
emaj-242	112	10	per	per	NOUN
emaj-242	112	11	cent	cent	NOUN
emaj-242	112	12	level	level	NOUN
emaj-242	112	13	of	of	ADP
emaj-242	112	14	significance	significance	NOUN
emaj-242	112	15	.	.	PUNCT
emaj-242	113	1	*	*	PUNCT
emaj-242	113	2	*	*	PUNCT
emaj-242	113	3	*	*	PUNCT
emaj-242	113	4	:	:	PUNCT
emaj-242	113	5	statistics	statistic	NOUN
emaj-242	113	6	are	be	AUX
emaj-242	113	7	significant	significant	ADJ
emaj-242	113	8	at	at	ADP
emaj-242	113	9	the	the	DET
emaj-242	113	10	1	1	NUM
emaj-242	113	11	per	per	NOUN
emaj-242	113	12	cent	cent	NOUN
emaj-242	113	13	level	level	NOUN
emaj-242	113	14	of	of	ADP
emaj-242	113	15	significance	significance	NOUN
emaj-242	113	16	.	.	PUNCT
emaj-242	114	1	in	in	ADP
emaj-242	114	2	the	the	DET
emaj-242	114	3	data	data	NOUN
emaj-242	114	4	panel	panel	NOUN
emaj-242	114	5	established	establish	VERB
emaj-242	114	6	for	for	ADP
emaj-242	114	7	companies	company	NOUN
emaj-242	114	8	traded	trade	VERB
emaj-242	114	9	in	in	ADP
emaj-242	114	10	other	other	ADJ
emaj-242	114	11	countries	country	NOUN
emaj-242	114	12	’	'	PUNCT
emaj-242	114	13	stock	stock	NOUN
emaj-242	114	14	exchanges	exchange	NOUN
emaj-242	114	15	,	,	PUNCT
emaj-242	114	16	cips	cip	NOUN
emaj-242	114	17	tests	test	NOUN
emaj-242	114	18	(	(	PUNCT
emaj-242	114	19	𝐻0	𝐻0	PROPN
emaj-242	114	20	:	:	PUNCT
emaj-242	114	21	series	series	PROPN
emaj-242	114	22	contain	contain	VERB
emaj-242	114	23	unit	unit	NOUN
emaj-242	114	24	roots	root	NOUN
emaj-242	114	25	)	)	PUNCT
emaj-242	114	26	were	be	AUX
emaj-242	114	27	applied	apply	VERB
emaj-242	114	28	as	as	SCONJ
emaj-242	114	29	developed	develop	VERB
emaj-242	114	30	by	by	ADP
emaj-242	114	31	pesaran	pesaran	NOUN
emaj-242	114	32	(	(	PUNCT
emaj-242	114	33	2007	2007	NUM
emaj-242	114	34	)	)	PUNCT
emaj-242	114	35	and	and	CCONJ
emaj-242	114	36	𝑍𝐴	𝑍𝐴	PROPN
emaj-242	114	37	𝑆𝑃𝐶and	𝑆𝑃𝐶and	PROPN
emaj-242	114	38	𝑍𝐴	𝑍𝐴	PROPN
emaj-242	114	39	𝐿𝐴	𝐿𝐴	PROPN
emaj-242	114	40	tests	test	VERB
emaj-242	114	41	(	(	PUNCT
emaj-242	114	42	𝐻0	𝐻0	PROPN
emaj-242	114	43	:	:	PUNCT
emaj-242	114	44	series	series	PROPN
emaj-242	114	45	do	do	AUX
emaj-242	114	46	not	not	PART
emaj-242	114	47	contain	contain	VERB
emaj-242	114	48	unit	unit	NOUN
emaj-242	114	49	roots	root	NOUN
emaj-242	114	50	)	)	PUNCT
emaj-242	114	51	were	be	AUX
emaj-242	114	52	applied	apply	VERB
emaj-242	114	53	as	as	SCONJ
emaj-242	114	54	developed	develop	VERB
emaj-242	114	55	by	by	ADP
emaj-242	114	56	hadri	hadri	NOUN
emaj-242	114	57	and	and	CCONJ
emaj-242	114	58	kurozumi	kurozumi	PROPN
emaj-242	114	59	(	(	PUNCT
emaj-242	114	60	2012	2012	NUM
emaj-242	114	61	)	)	PUNCT
emaj-242	114	62	to	to	PART
emaj-242	114	63	determine	determine	VERB
emaj-242	114	64	the	the	DET
emaj-242	114	65	presence	presence	NOUN
emaj-242	114	66	or	or	CCONJ
emaj-242	114	67	absence	absence	NOUN
emaj-242	114	68	of	of	ADP
emaj-242	114	69	unit	unit	NOUN
emaj-242	114	70	roots	root	NOUN
emaj-242	114	71	.	.	PUNCT
emaj-242	115	1	the	the	DET
emaj-242	115	2	p	p	NOUN
emaj-242	115	3	-	-	PUNCT
emaj-242	115	4	values	value	NOUN
emaj-242	115	5	used	use	VERB
emaj-242	115	6	in	in	ADP
emaj-242	115	7	these	these	DET
emaj-242	115	8	tests	test	NOUN
emaj-242	115	9	corresponded	correspond	VERB
emaj-242	115	10	to	to	ADP
emaj-242	115	11	the	the	DET
emaj-242	115	12	same	same	ADJ
emaj-242	115	13	reference	reference	NOUN
emaj-242	115	14	values	value	NOUN
emaj-242	115	15	as	as	SCONJ
emaj-242	115	16	given	give	VERB
emaj-242	115	17	in	in	ADP
emaj-242	115	18	table	table	NOUN
emaj-242	115	19	1	1	NUM
emaj-242	115	20	,	,	PUNCT
emaj-242	115	21	since	since	SCONJ
emaj-242	115	22	the	the	DET
emaj-242	115	23	number	number	NOUN
emaj-242	115	24	and	and	CCONJ
emaj-242	115	25	periods	period	NOUN
emaj-242	115	26	of	of	ADP
emaj-242	115	27	the	the	DET
emaj-242	115	28	companies	company	NOUN
emaj-242	115	29	traded	trade	VERB
emaj-242	115	30	in	in	ADP
emaj-242	115	31	turkey	turkey	NOUN
emaj-242	115	32	and	and	CCONJ
emaj-242	115	33	those	those	PRON
emaj-242	115	34	of	of	ADP
emaj-242	115	35	the	the	DET
emaj-242	115	36	companies	company	NOUN
emaj-242	115	37	traded	trade	VERB
emaj-242	115	38	in	in	ADP
emaj-242	115	39	other	other	ADJ
emaj-242	115	40	countries	country	NOUN
emaj-242	115	41	’	'	PUNCT
emaj-242	115	42	stock	stock	NOUN
emaj-242	115	43	exchanges	exchange	NOUN
emaj-242	115	44	were	be	AUX
emaj-242	115	45	within	within	ADP
emaj-242	115	46	the	the	DET
emaj-242	115	47	same	same	ADJ
emaj-242	115	48	ranges	range	NOUN
emaj-242	115	49	.	.	PUNCT
emaj-242	116	1	considering	consider	VERB
emaj-242	116	2	the	the	DET
emaj-242	116	3	possibility	possibility	NOUN
emaj-242	116	4	of	of	ADP
emaj-242	116	5	cross	cross	ADJ
emaj-242	116	6	-	-	ADJ
emaj-242	116	7	section	section	ADJ
emaj-242	116	8	dependence	dependence	NOUN
emaj-242	116	9	between	between	ADP
emaj-242	116	10	series	series	NOUN
emaj-242	116	11	,	,	PUNCT
emaj-242	116	12	cross	cross	ADJ
emaj-242	116	13	-	-	ADJ
emaj-242	116	14	section	section	ADJ
emaj-242	116	15	dependence	dependence	NOUN
emaj-242	116	16	was	be	AUX
emaj-242	116	17	tested	test	VERB
emaj-242	116	18	using	use	VERB
emaj-242	116	19	the	the	DET
emaj-242	116	20	bias	bias	NOUN
emaj-242	116	21	-	-	PUNCT
emaj-242	116	22	adjusted	adjust	VERB
emaj-242	116	23	lm(lm_ad	lm(lm_ad	NOUN
emaj-242	116	24	)	)	PUNCT
emaj-242	116	25	test	test	NOUN
emaj-242	116	26	(	(	PUNCT
emaj-242	116	27	𝐻0	𝐻0	PROPN
emaj-242	116	28	:	:	PUNCT
emaj-242	116	29	no	no	DET
emaj-242	116	30	cross	cross	ADJ
emaj-242	116	31	-	-	ADJ
emaj-242	116	32	section	section	ADJ
emaj-242	116	33	dependence	dependence	NOUN
emaj-242	116	34	)	)	PUNCT
emaj-242	116	35	as	as	SCONJ
emaj-242	116	36	proposed	propose	VERB
emaj-242	116	37	by	by	ADP
emaj-242	116	38	pesaran	pesaran	PROPN
emaj-242	116	39	et	et	PROPN
emaj-242	116	40	al	al	PROPN
emaj-242	116	41	.	.	PROPN
emaj-242	117	1	(	(	PUNCT
emaj-242	117	2	2008	2008	NUM
emaj-242	117	3	)	)	PUNCT
emaj-242	117	4	.	.	PUNCT
emaj-242	118	1	these	these	DET
emaj-242	118	2	test	test	NOUN
emaj-242	118	3	results	result	NOUN
emaj-242	118	4	,	,	PUNCT
emaj-242	118	5	again	again	ADV
emaj-242	118	6	obtained	obtain	VERB
emaj-242	118	7	via	via	ADP
emaj-242	118	8	the	the	DET
emaj-242	118	9	gauss	gauss	ADJ
emaj-242	118	10	programme	programme	PROPN
emaj-242	118	11	,	,	PUNCT
emaj-242	118	12	showed	show	VERB
emaj-242	118	13	the	the	DET
emaj-242	118	14	existence	existence	NOUN
emaj-242	118	15	of	of	ADP
emaj-242	118	16	cross	cross	ADJ
emaj-242	118	17	-	-	ADJ
emaj-242	118	18	section	section	ADJ
emaj-242	118	19	dependence	dependence	NOUN
emaj-242	118	20	in	in	ADP
emaj-242	118	21	all	all	DET
emaj-242	118	22	series	series	NOUN
emaj-242	118	23	for	for	ADP
emaj-242	118	24	companies	company	NOUN
emaj-242	118	25	traded	trade	VERB
emaj-242	118	26	in	in	ADP
emaj-242	118	27	other	other	ADJ
emaj-242	118	28	countries	country	NOUN
emaj-242	118	29	’	'	PUNCT
emaj-242	118	30	stock	stock	NOUN
emaj-242	118	31	exchanges	exchange	NOUN
emaj-242	118	32	.	.	PUNCT
emaj-242	119	1	therefore	therefore	ADV
emaj-242	119	2	,	,	PUNCT
emaj-242	119	3	second	second	ADJ
emaj-242	119	4	-	-	PUNCT
emaj-242	119	5	generation	generation	NOUN
emaj-242	119	6	unit	unit	NOUN
emaj-242	119	7	root	root	NOUN
emaj-242	119	8	tests	test	NOUN
emaj-242	119	9	were	be	AUX
emaj-242	119	10	used	use	VERB
emaj-242	119	11	to	to	PART
emaj-242	119	12	determine	determine	VERB
emaj-242	119	13	whether	whether	SCONJ
emaj-242	119	14	the	the	DET
emaj-242	119	15	series	series	NOUN
emaj-242	119	16	were	be	AUX
emaj-242	119	17	stationary	stationary	ADJ
emaj-242	119	18	.	.	PUNCT
emaj-242	120	1	after	after	ADP
emaj-242	120	2	the	the	DET
emaj-242	120	3	confirmation	confirmation	NOUN
emaj-242	120	4	of	of	ADP
emaj-242	120	5	cross	cross	ADJ
emaj-242	120	6	-	-	ADJ
emaj-242	120	7	section	section	ADJ
emaj-242	120	8	dependence	dependence	NOUN
emaj-242	120	9	in	in	ADP
emaj-242	120	10	all	all	PRON
emaj-242	120	11	of	of	ADP
emaj-242	120	12	the	the	DET
emaj-242	120	13	series	series	NOUN
emaj-242	120	14	as	as	ADP
emaj-242	120	15	a	a	DET
emaj-242	120	16	result	result	NOUN
emaj-242	120	17	of	of	ADP
emaj-242	120	18	unit	unit	NOUN
emaj-242	120	19	root	root	NOUN
emaj-242	120	20	tests	test	NOUN
emaj-242	120	21	,	,	PUNCT
emaj-242	120	22	cips	cip	NOUN
emaj-242	120	23	and	and	CCONJ
emaj-242	120	24	hadri	hadri	PROPN
emaj-242	120	25	-	-	PUNCT
emaj-242	120	26	kurozumi	kurozumi	NOUN
emaj-242	120	27	tests	test	NOUN
emaj-242	120	28	showed	show	VERB
emaj-242	120	29	different	different	ADJ
emaj-242	120	30	levels	level	NOUN
emaj-242	120	31	of	of	ADP
emaj-242	120	32	integration	integration	NOUN
emaj-242	120	33	as	as	SCONJ
emaj-242	120	34	seen	see	VERB
emaj-242	120	35	in	in	ADP
emaj-242	120	36	table	table	NOUN
emaj-242	120	37	3	3	NUM
emaj-242	120	38	.	.	PUNCT
emaj-242	120	39	table	table	NOUN
emaj-242	120	40	3	3	NUM
emaj-242	120	41	:	:	PUNCT
emaj-242	120	42	cross	cross	ADJ
emaj-242	120	43	-	-	ADJ
emaj-242	120	44	section	section	ADJ
emaj-242	120	45	dependence	dependence	NOUN
emaj-242	120	46	and	and	CCONJ
emaj-242	120	47	panel	panel	NOUN
emaj-242	120	48	unit	unit	NOUN
emaj-242	120	49	root	root	PROPN
emaj-242	120	50	test	test	NOUN
emaj-242	120	51	results	result	NOUN
emaj-242	120	52	for	for	ADP
emaj-242	120	53	companies	company	NOUN
emaj-242	120	54	traded	trade	VERB
emaj-242	120	55	in	in	ADP
emaj-242	120	56	other	other	ADJ
emaj-242	120	57	countries	country	NOUN
emaj-242	120	58	’	'	PUNCT
emaj-242	120	59	stock	stock	NOUN
emaj-242	120	60	exchanges	exchange	NOUN
emaj-242	120	61	source	source	NOUN
emaj-242	120	62	:	:	PUNCT
emaj-242	120	63	stata	stata	PROPN
emaj-242	120	64	software	software	PROPN
emaj-242	120	65	output	output	NOUN
emaj-242	120	66	bias	bias	NOUN
emaj-242	120	67	-	-	PUNCT
emaj-242	120	68	adjusted	adjust	VERB
emaj-242	120	69	lm(lm_ad	lm(lm_ad	NOUN
emaj-242	120	70	)	)	PUNCT
emaj-242	120	71	test	test	NOUN
emaj-242	120	72	𝐻0	𝐻0	NOUN
emaj-242	120	73	:	:	PUNCT
emaj-242	120	74	no	no	DET
emaj-242	120	75	cross	cross	ADJ
emaj-242	120	76	-	-	ADJ
emaj-242	120	77	section	section	ADJ
emaj-242	120	78	dependence	dependence	NOUN
emaj-242	120	79	;	;	PUNCT
emaj-242	120	80	p	p	X
emaj-242	120	81	-	-	PUNCT
emaj-242	120	82	values	value	NOUN
emaj-242	120	83	:	:	PUNCT
emaj-242	120	84	0.01	0.01	NUM
emaj-242	120	85	(	(	PUNCT
emaj-242	120	86	*	*	PUNCT
emaj-242	120	87	*	*	PUNCT
emaj-242	120	88	*	*	PUNCT
emaj-242	120	89	)	)	PUNCT
emaj-242	120	90	,	,	PUNCT
emaj-242	120	91	0.05	0.05	NUM
emaj-242	120	92	(	(	PUNCT
emaj-242	120	93	*	*	PUNCT
emaj-242	120	94	*	*	PUNCT
emaj-242	120	95	)	)	PUNCT
emaj-242	120	96	,	,	PUNCT
emaj-242	120	97	0.10	0.10	NUM
emaj-242	120	98	(	(	PUNCT
emaj-242	120	99	*	*	NOUN
emaj-242	120	100	)	)	PUNCT
emaj-242	120	101	.	.	PUNCT
emaj-242	121	1	there	there	PRON
emaj-242	121	2	is	be	VERB
emaj-242	121	3	cross	cross	ADJ
emaj-242	121	4	-	-	ADJ
emaj-242	121	5	section	section	ADJ
emaj-242	121	6	dependence	dependence	NOUN
emaj-242	121	7	.	.	PUNCT
emaj-242	122	1	cips	cips	PROPN
emaj-242	122	2	test	test	PROPN
emaj-242	122	3	(	(	PUNCT
emaj-242	122	4	unit	unit	NOUN
emaj-242	122	5	root	root	NOUN
emaj-242	122	6	test	test	NOUN
emaj-242	122	7	):	):	PUNCT
emaj-242	122	8	𝐻0	𝐻0	PROPN
emaj-242	122	9	:	:	PUNCT
emaj-242	122	10	series	series	PROPN
emaj-242	122	11	contain	contain	VERB
emaj-242	122	12	unit	unit	NOUN
emaj-242	122	13	roots	root	NOUN
emaj-242	122	14	(	(	PUNCT
emaj-242	122	15	series	series	NOUN
emaj-242	122	16	are	be	AUX
emaj-242	122	17	not	not	PART
emaj-242	122	18	stationary	stationary	ADJ
emaj-242	122	19	)	)	PUNCT
emaj-242	122	20	(	(	PUNCT
emaj-242	122	21	pesaran	pesaran	VERB
emaj-242	122	22	,	,	PUNCT
emaj-242	122	23	2007	2007	NUM
emaj-242	122	24	)	)	PUNCT
emaj-242	122	25	.	.	PUNCT
emaj-242	123	1	hadri	hadri	PROPN
emaj-242	123	2	-	-	PUNCT
emaj-242	123	3	kurozumi	kurozumi	PROPN
emaj-242	123	4	test	test	NOUN
emaj-242	123	5	(	(	PUNCT
emaj-242	123	6	unit	unit	NOUN
emaj-242	123	7	root	root	NOUN
emaj-242	123	8	test	test	NOUN
emaj-242	123	9	):	):	PUNCT
emaj-242	123	10	𝐻0	𝐻0	PROPN
emaj-242	123	11	:	:	PUNCT
emaj-242	123	12	series	series	PROPN
emaj-242	123	13	do	do	AUX
emaj-242	123	14	not	not	PART
emaj-242	123	15	contain	contain	VERB
emaj-242	123	16	unit	unit	NOUN
emaj-242	123	17	roots	root	NOUN
emaj-242	123	18	(	(	PUNCT
emaj-242	123	19	series	series	NOUN
emaj-242	123	20	are	be	AUX
emaj-242	123	21	stationary	stationary	ADJ
emaj-242	123	22	)	)	PUNCT
emaj-242	123	23	;	;	PUNCT
emaj-242	123	24	p	p	X
emaj-242	123	25	-	-	PUNCT
emaj-242	123	26	values	value	NOUN
emaj-242	123	27	:	:	PUNCT
emaj-242	123	28	2.58	2.58	NUM
emaj-242	123	29	(	(	PUNCT
emaj-242	123	30	*	*	PUNCT
emaj-242	123	31	*	*	PUNCT
emaj-242	123	32	*	*	PUNCT
emaj-242	123	33	)	)	PUNCT
emaj-242	123	34	,	,	PUNCT
emaj-242	123	35	1.96	1.96	NUM
emaj-242	123	36	(	(	PUNCT
emaj-242	123	37	*	*	NOUN
emaj-242	123	38	*	*	PUNCT
emaj-242	123	39	)	)	PUNCT
emaj-242	123	40	,	,	PUNCT
emaj-242	123	41	1.645	1.645	NUM
emaj-242	123	42	(	(	PUNCT
emaj-242	123	43	*	*	NOUN
emaj-242	123	44	)	)	PUNCT
emaj-242	123	45	.	.	PUNCT
emaj-242	124	1	*	*	PUNCT
emaj-242	124	2	:	:	PUNCT
emaj-242	124	3	statistics	statistic	NOUN
emaj-242	124	4	are	be	AUX
emaj-242	124	5	significant	significant	ADJ
emaj-242	124	6	at	at	ADP
emaj-242	124	7	the	the	DET
emaj-242	124	8	10	10	NUM
emaj-242	124	9	per	per	NOUN
emaj-242	124	10	cent	cent	NOUN
emaj-242	124	11	level	level	NOUN
emaj-242	124	12	of	of	ADP
emaj-242	124	13	significance	significance	NOUN
emaj-242	124	14	.	.	PUNCT
emaj-242	125	1	*	*	PUNCT
emaj-242	125	2	*	*	PUNCT
emaj-242	125	3	:	:	PUNCT
emaj-242	125	4	statistics	statistic	NOUN
emaj-242	125	5	are	be	AUX
emaj-242	125	6	significant	significant	ADJ
emaj-242	125	7	at	at	ADP
emaj-242	125	8	the	the	DET
emaj-242	125	9	5	5	NUM
emaj-242	125	10	per	per	NOUN
emaj-242	125	11	cent	cent	NOUN
emaj-242	125	12	level	level	NOUN
emaj-242	125	13	of	of	ADP
emaj-242	125	14	significance	significance	NOUN
emaj-242	125	15	.	.	PUNCT
emaj-242	126	1	*	*	PUNCT
emaj-242	126	2	*	*	PUNCT
emaj-242	126	3	*	*	PUNCT
emaj-242	126	4	:	:	PUNCT
emaj-242	126	5	statistics	statistic	NOUN
emaj-242	126	6	are	be	AUX
emaj-242	126	7	significant	significant	ADJ
emaj-242	126	8	at	at	ADP
emaj-242	126	9	the	the	DET
emaj-242	126	10	1	1	NUM
emaj-242	126	11	per	per	NOUN
emaj-242	126	12	cent	cent	NOUN
emaj-242	126	13	level	level	NOUN
emaj-242	126	14	of	of	ADP
emaj-242	126	15	significance	significance	NOUN
emaj-242	126	16	.	.	PUNCT
emaj-242	127	1	cointegration	cointegration	NOUN
emaj-242	127	2	tests	test	NOUN
emaj-242	127	3	in	in	ADP
emaj-242	127	4	analyses	analysis	NOUN
emaj-242	127	5	involving	involve	VERB
emaj-242	127	6	time	time	NOUN
emaj-242	127	7	series	series	NOUN
emaj-242	127	8	,	,	PUNCT
emaj-242	127	9	cointegration	cointegration	NOUN
emaj-242	127	10	tests	test	NOUN
emaj-242	127	11	are	be	AUX
emaj-242	127	12	used	use	VERB
emaj-242	127	13	to	to	PART
emaj-242	127	14	show	show	VERB
emaj-242	127	15	whether	whether	SCONJ
emaj-242	127	16	the	the	DET
emaj-242	127	17	series	series	NOUN
emaj-242	127	18	move	move	VERB
emaj-242	127	19	together	together	ADV
emaj-242	127	20	in	in	ADP
emaj-242	127	21	the	the	DET
emaj-242	127	22	long	long	ADJ
emaj-242	127	23	run	run	NOUN
emaj-242	127	24	.	.	PUNCT
emaj-242	128	1	cointegration	cointegration	NOUN
emaj-242	128	2	tests	test	NOUN
emaj-242	128	3	analyze	analyze	VERB
emaj-242	128	4	the	the	DET
emaj-242	128	5	correlations	correlation	NOUN
emaj-242	128	6	between	between	ADP
emaj-242	128	7	series	series	NOUN
emaj-242	128	8	and	and	CCONJ
emaj-242	128	9	they	they	PRON
emaj-242	128	10	have	have	AUX
emaj-242	128	11	been	be	AUX
emaj-242	128	12	developed	develop	VERB
emaj-242	128	13	to	to	PART
emaj-242	128	14	allow	allow	VERB
emaj-242	128	15	for	for	ADP
emaj-242	128	16	simultaneous	simultaneous	ADJ
emaj-242	128	17	consideration	consideration	NOUN
emaj-242	128	18	of	of	ADP
emaj-242	128	19	stationary	stationary	ADJ
emaj-242	128	20	and	and	CCONJ
emaj-242	128	21	nonstationary	nonstationary	ADJ
emaj-242	128	22	series	series	NOUN
emaj-242	128	23	(	(	PUNCT
emaj-242	128	24	westerlund	westerlund	PROPN
emaj-242	128	25	,	,	PUNCT
emaj-242	128	26	2008	2008	NUM
emaj-242	128	27	)	)	PUNCT
emaj-242	128	28	.	.	PUNCT
emaj-242	129	1	cointegration	cointegration	NOUN
emaj-242	129	2	tests	test	NOUN
emaj-242	129	3	were	be	AUX
emaj-242	129	4	conducted	conduct	VERB
emaj-242	129	5	to	to	PART
emaj-242	129	6	investigate	investigate	VERB
emaj-242	129	7	the	the	DET
emaj-242	129	8	presence	presence	NOUN
emaj-242	129	9	of	of	ADP
emaj-242	129	10	a	a	DET
emaj-242	129	11	correlation	correlation	NOUN
emaj-242	129	12	between	between	ADP
emaj-242	129	13	stationary	stationary	ADJ
emaj-242	129	14	and	and	CCONJ
emaj-242	129	15	non	non	ADJ
emaj-242	129	16	-	-	ADJ
emaj-242	129	17	stationary	stationary	ADJ
emaj-242	129	18	series	series	NOUN
emaj-242	129	19	,	,	PUNCT
emaj-242	129	20	i.e.	i.e.	X
emaj-242	129	21	,	,	PUNCT
emaj-242	129	22	the	the	DET
emaj-242	129	23	series	series	NOUN
emaj-242	129	24	without	without	ADP
emaj-242	129	25	and	and	CCONJ
emaj-242	129	26	with	with	ADP
emaj-242	129	27	unit	unit	NOUN
emaj-242	129	28	roots	root	NOUN
emaj-242	129	29	.	.	PUNCT
emaj-242	130	1	when	when	SCONJ
emaj-242	130	2	series	series	PROPN
emaj-242	130	3	had	have	VERB
emaj-242	130	4	different	different	ADJ
emaj-242	130	5	levels	level	NOUN
emaj-242	130	6	of	of	ADP
emaj-242	130	7	integration	integration	NOUN
emaj-242	130	8	[	[	X
emaj-242	130	9	i(0)~i(1	i(0)~i(1	X
emaj-242	130	10	)	)	PUNCT
emaj-242	130	11	or	or	CCONJ
emaj-242	130	12	i(1)~i(0	i(1)~i(0	NOUN
emaj-242	130	13	)	)	PUNCT
emaj-242	130	14	]	]	PUNCT
emaj-242	130	15	,	,	PUNCT
emaj-242	130	16	the	the	DET
emaj-242	130	17	durbin	durbin	ADJ
emaj-242	130	18	-	-	PUNCT
emaj-242	130	19	hausman	hausman	PROPN
emaj-242	130	20	panel	panel	NOUN
emaj-242	130	21	test	test	NOUN
emaj-242	130	22	(	(	PUNCT
emaj-242	130	23	𝐷𝐻𝑝	𝐷𝐻𝑝	PROPN
emaj-242	130	24	)	)	PUNCT
emaj-242	130	25	(	(	PUNCT
emaj-242	130	26	𝐻0	𝐻0	PROPN
emaj-242	130	27	:	:	PUNCT
emaj-242	130	28	no	no	DET
emaj-242	130	29	cointegration	cointegration	NOUN
emaj-242	130	30	in	in	ADP
emaj-242	130	31	the	the	DET
emaj-242	130	32	panel	panel	NOUN
emaj-242	130	33	)	)	PUNCT
emaj-242	130	34	developed	develop	VERB
emaj-242	130	35	by	by	ADP
emaj-242	130	36	westerlund	westerlund	NOUN
emaj-242	130	37	(	(	PUNCT
emaj-242	130	38	2008	2008	NUM
emaj-242	130	39	)	)	PUNCT
emaj-242	130	40	was	be	AUX
emaj-242	130	41	used	use	VERB
emaj-242	130	42	to	to	PART
emaj-242	130	43	determine	determine	VERB
emaj-242	130	44	the	the	DET
emaj-242	130	45	presence	presence	NOUN
emaj-242	130	46	of	of	ADP
emaj-242	130	47	cointegration	cointegration	NOUN
emaj-242	130	48	.	.	PUNCT
emaj-242	131	1	this	this	DET
emaj-242	131	2	test	test	NOUN
emaj-242	131	3	takes	take	VERB
emaj-242	131	4	into	into	ADP
emaj-242	131	5	account	account	NOUN
emaj-242	131	6	the	the	DET
emaj-242	131	7	cross	cross	ADJ
emaj-242	131	8	-	-	ADJ
emaj-242	131	9	section	section	ADJ
emaj-242	131	10	dependence	dependence	NOUN
emaj-242	131	11	of	of	ADP
emaj-242	131	12	residuals	residual	NOUN
emaj-242	131	13	.	.	PUNCT
emaj-242	132	1	therefore	therefore	ADV
emaj-242	132	2	,	,	PUNCT
emaj-242	132	3	the	the	DET
emaj-242	132	4	cross	cross	ADJ
emaj-242	132	5	-	-	ADJ
emaj-242	132	6	section	section	ADJ
emaj-242	132	7	dependence	dependence	NOUN
emaj-242	132	8	test	test	NOUN
emaj-242	132	9	(	(	PUNCT
emaj-242	132	10	lm_ad	lm_ad	PROPN
emaj-242	132	11	for	for	ADP
emaj-242	132	12	residual	residual	ADJ
emaj-242	132	13	cointegration	cointegration	NOUN
emaj-242	132	14	)	)	PUNCT
emaj-242	132	15	(	(	PUNCT
emaj-242	132	16	𝐻0	𝐻0	PROPN
emaj-242	132	17	:	:	PUNCT
emaj-242	132	18	no	no	DET
emaj-242	132	19	cross	cross	ADJ
emaj-242	132	20	-	-	ADJ
emaj-242	132	21	section	section	ADJ
emaj-242	132	22	dependence	dependence	NOUN
emaj-242	132	23	for	for	ADP
emaj-242	132	24	cointegration	cointegration	NOUN
emaj-242	132	25	)	)	PUNCT
emaj-242	132	26	was	be	AUX
emaj-242	132	27	carried	carry	VERB
emaj-242	132	28	out	out	ADP
emaj-242	132	29	for	for	ADP
emaj-242	132	30	residuals	residual	NOUN
emaj-242	132	31	.	.	PUNCT
emaj-242	133	1	via	via	ADP
emaj-242	133	2	the	the	DET
emaj-242	133	3	gauss	gauss	PROPN
emaj-242	133	4	programme	programme	PROPN
emaj-242	133	5	,	,	PUNCT
emaj-242	133	6	results	result	VERB
emaj-242	133	7	for	for	ADP
emaj-242	133	8	(	(	PUNCT
emaj-242	133	9	𝐷𝐻𝑝	𝐷𝐻𝑝	PROPN
emaj-242	133	10	)	)	PUNCT
emaj-242	133	11	and	and	CCONJ
emaj-242	133	12	(	(	PUNCT
emaj-242	133	13	𝐷𝐻𝑔	𝐷𝐻𝑔	PROPN
emaj-242	133	14	)	)	PUNCT
emaj-242	133	15	with	with	ADP
emaj-242	133	16	the	the	DET
emaj-242	133	17	lm_ad	lm_ad	PROPN
emaj-242	133	18	test	test	NOUN
emaj-242	133	19	for	for	ADP
emaj-242	133	20	residuals	residual	NOUN
emaj-242	133	21	were	be	AUX
emaj-242	133	22	obtained	obtain	VERB
emaj-242	133	23	as	as	SCONJ
emaj-242	133	24	shown	show	VERB
emaj-242	133	25	in	in	ADP
emaj-242	133	26	table	table	NOUN
emaj-242	133	27	4	4	NUM
emaj-242	133	28	.	.	PUNCT
emaj-242	134	1	according	accord	VERB
emaj-242	134	2	to	to	ADP
emaj-242	134	3	these	these	DET
emaj-242	134	4	results	result	NOUN
emaj-242	134	5	,	,	PUNCT
emaj-242	134	6	the	the	DET
emaj-242	134	7	hypothesis	hypothesis	NOUN
emaj-242	134	8	of	of	ADP
emaj-242	134	9	“	"	PUNCT
emaj-242	134	10	𝐻0	𝐻0	PROPN
emaj-242	134	11	:	:	PUNCT
emaj-242	134	12	no	no	DET
emaj-242	134	13	cointegration	cointegration	NOUN
emaj-242	134	14	cross	cross	ADJ
emaj-242	134	15	-	-	ADJ
emaj-242	134	16	section	section	ADJ
emaj-242	134	17	dependence	dependence	NOUN
emaj-242	134	18	for	for	ADP
emaj-242	134	19	residuals	residual	NOUN
emaj-242	134	20	”	"	PUNCT
emaj-242	134	21	was	be	AUX
emaj-242	134	22	rejected	reject	VERB
emaj-242	134	23	(	(	PUNCT
emaj-242	134	24	p=0.00	p=0.00	PROPN
emaj-242	134	25	,	,	PUNCT
emaj-242	134	26	<	<	NOUN
emaj-242	134	27	0.05	0.05	NUM
emaj-242	134	28	)	)	PUNCT
emaj-242	134	29	.	.	PUNCT
emaj-242	135	1	second	second	ADJ
emaj-242	135	2	-	-	PUNCT
emaj-242	135	3	generation	generation	NOUN
emaj-242	135	4	cointegration	cointegration	NOUN
emaj-242	135	5	tests	test	NOUN
emaj-242	135	6	considering	consider	VERB
emaj-242	135	7	cross	cross	ADJ
emaj-242	135	8	-	-	ADJ
emaj-242	135	9	section	section	ADJ
emaj-242	135	10	dependence	dependence	NOUN
emaj-242	135	11	were	be	AUX
emaj-242	135	12	then	then	ADV
emaj-242	135	13	applied	apply	VERB
emaj-242	135	14	.	.	PUNCT
emaj-242	136	1	since	since	SCONJ
emaj-242	136	2	p=0.450	p=0.450	NUM
emaj-242	136	3	,	,	PUNCT
emaj-242	136	4	<	<	X
emaj-242	136	5	1.645	1.645	NUM
emaj-242	136	6	,	,	PUNCT
emaj-242	136	7	in	in	ADP
emaj-242	136	8	the	the	DET
emaj-242	136	9	(	(	PUNCT
emaj-242	136	10	𝐷𝐻𝑝	𝐷𝐻𝑝	PROPN
emaj-242	136	11	)	)	PUNCT
emaj-242	136	12	volume	volume	NOUN
emaj-242	136	13	12	12	NUM
emaj-242	136	14	no	no	DET
emaj-242	136	15	1	1	NUM
emaj-242	136	16	(	(	PUNCT
emaj-242	136	17	2021	2021	NUM
emaj-242	136	18	)	)	PUNCT
emaj-242	136	19	|	|	ADV
emaj-242	136	20	issn	issn	VERB
emaj-242	136	21	2158	2158	NUM
emaj-242	136	22	-	-	SYM
emaj-242	136	23	8708	8708	NUM
emaj-242	136	24	(	(	PUNCT
emaj-242	136	25	online	online	NOUN
emaj-242	136	26	)	)	PUNCT
emaj-242	136	27	|	|	ADV
emaj-242	136	28	doi	doi	X
emaj-242	136	29	10.5195	10.5195	NUM
emaj-242	136	30	/	/	SYM
emaj-242	136	31	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	136	32	|	|	ADV
emaj-242	136	33	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-242	136	34	effects	effect	NOUN
emaj-242	136	35	of	of	ADP
emaj-242	136	36	changes	change	NOUN
emaj-242	136	37	in	in	ADP
emaj-242	136	38	financial	financial	ADJ
emaj-242	136	39	ratios	ratio	NOUN
emaj-242	136	40	of	of	ADP
emaj-242	136	41	companies	company	NOUN
emaj-242	136	42	on	on	ADP
emaj-242	136	43	the	the	DET
emaj-242	136	44	performance	performance	NOUN
emaj-242	136	45	of	of	ADP
emaj-242	136	46	stock	stock	NOUN
emaj-242	136	47	prices	price	NOUN
emaj-242	136	48	in	in	ADP
emaj-242	136	49	the	the	DET
emaj-242	136	50	exchange	exchange	NOUN
emaj-242	136	51	market	market	NOUN
emaj-242	136	52	:	:	PUNCT
emaj-242	136	53	the	the	DET
emaj-242	136	54	automotive	automotive	ADJ
emaj-242	136	55	sector	sector	NOUN
emaj-242	136	56	page	page	NOUN
emaj-242	136	57	|6|	|6|	NOUN
emaj-242	136	58	emerging	emerge	VERB
emaj-242	136	59	markets	market	NOUN
emaj-242	136	60	journal	journal	PROPN
emaj-242	136	61	panel	panel	NOUN
emaj-242	136	62	cointegration	cointegration	NOUN
emaj-242	136	63	test	test	NOUN
emaj-242	136	64	,	,	PUNCT
emaj-242	136	65	the	the	DET
emaj-242	136	66	hypothesis	hypothesis	NOUN
emaj-242	136	67	of	of	ADP
emaj-242	136	68	“	"	PUNCT
emaj-242	136	69	𝐻0	𝐻0	PROPN
emaj-242	136	70	:	:	PUNCT
emaj-242	136	71	no	no	DET
emaj-242	136	72	cointegration	cointegration	NOUN
emaj-242	136	73	in	in	ADP
emaj-242	136	74	the	the	DET
emaj-242	136	75	whole	whole	ADJ
emaj-242	136	76	panel	panel	NOUN
emaj-242	136	77	”	"	PUNCT
emaj-242	136	78	was	be	AUX
emaj-242	136	79	rejected	reject	VERB
emaj-242	136	80	.	.	PUNCT
emaj-242	137	1	in	in	ADP
emaj-242	137	2	the	the	DET
emaj-242	137	3	second	second	ADJ
emaj-242	137	4	stage	stage	NOUN
emaj-242	137	5	of	of	ADP
emaj-242	137	6	durbin	durbin	ADJ
emaj-242	137	7	-	-	PUNCT
emaj-242	137	8	hausman	hausman	PROPN
emaj-242	137	9	testing	testing	NOUN
emaj-242	137	10	,	,	PUNCT
emaj-242	137	11	the	the	DET
emaj-242	137	12	durbin	durbin	ADJ
emaj-242	137	13	-	-	PUNCT
emaj-242	137	14	hausman	hausman	PROPN
emaj-242	137	15	group	group	NOUN
emaj-242	137	16	cointegration	cointegration	NOUN
emaj-242	137	17	test	test	NOUN
emaj-242	137	18	(	(	PUNCT
emaj-242	137	19	𝐷𝐻𝑔	𝐷𝐻𝑔	PROPN
emaj-242	137	20	)	)	PUNCT
emaj-242	137	21	was	be	AUX
emaj-242	137	22	performed	perform	VERB
emaj-242	137	23	for	for	ADP
emaj-242	137	24	the	the	DET
emaj-242	137	25	groups	group	NOUN
emaj-242	137	26	,	,	PUNCT
emaj-242	137	27	and	and	CCONJ
emaj-242	137	28	since	since	SCONJ
emaj-242	137	29	p=0.838	p=0.838	NOUN
emaj-242	137	30	,	,	PUNCT
emaj-242	137	31	<	<	X
emaj-242	137	32	1.645	1.645	NUM
emaj-242	137	33	,	,	PUNCT
emaj-242	137	34	the	the	DET
emaj-242	137	35	hypothesis	hypothesis	NOUN
emaj-242	137	36	of	of	ADP
emaj-242	137	37	“	"	PUNCT
emaj-242	137	38	𝐻0	𝐻0	NOUN
emaj-242	137	39	:	:	PUNCT
emaj-242	137	40	no	no	DET
emaj-242	137	41	cointegration	cointegration	NOUN
emaj-242	137	42	for	for	ADP
emaj-242	137	43	all	all	DET
emaj-242	137	44	units	unit	NOUN
emaj-242	137	45	”	"	PUNCT
emaj-242	137	46	was	be	AUX
emaj-242	137	47	rejected	reject	VERB
emaj-242	137	48	and	and	CCONJ
emaj-242	137	49	the	the	DET
emaj-242	137	50	alternative	alternative	ADJ
emaj-242	137	51	hypothesis	hypothesis	NOUN
emaj-242	137	52	of	of	ADP
emaj-242	137	53	cointegration	cointegration	NOUN
emaj-242	137	54	for	for	ADP
emaj-242	137	55	some	some	DET
emaj-242	137	56	units	unit	NOUN
emaj-242	137	57	was	be	AUX
emaj-242	137	58	accepted	accept	VERB
emaj-242	137	59	.	.	PUNCT
emaj-242	138	1	table	table	NOUN
emaj-242	138	2	4	4	NUM
emaj-242	138	3	:	:	PUNCT
emaj-242	138	4	cointegration	cointegration	NOUN
emaj-242	138	5	test	test	NOUN
emaj-242	138	6	results	result	NOUN
emaj-242	138	7	for	for	ADP
emaj-242	138	8	companies	company	NOUN
emaj-242	138	9	traded	trade	VERB
emaj-242	138	10	in	in	ADP
emaj-242	138	11	turkey	turkey	NOUN
emaj-242	138	12	tests	test	NOUN
emaj-242	138	13	test	test	NOUN
emaj-242	138	14	statistic	statistic	NOUN
emaj-242	138	15	s	s	PART
emaj-242	138	16	probabilit	probabilit	NOUN
emaj-242	138	17	y	y	PROPN
emaj-242	138	18	value	value	NOUN
emaj-242	138	19	referenc	referenc	PROPN
emaj-242	138	20	e	e	PROPN
emaj-242	138	21	p	p	ADJ
emaj-242	138	22	-	-	PUNCT
emaj-242	138	23	value	value	NOUN
emaj-242	138	24	durbinhausman	durbinhausman	NOUN
emaj-242	138	25	panel	panel	NOUN
emaj-242	138	26	(	(	PUNCT
emaj-242	138	27	𝑫𝑯𝒑	𝑫𝑯𝒑	PROPN
emaj-242	138	28	)	)	PUNCT
emaj-242	138	29	test	test	NOUN
emaj-242	138	30	0.126	0.126	NUM
emaj-242	138	31	*	*	PUNCT
emaj-242	138	32	*	*	PUNCT
emaj-242	138	33	0.450	0.450	NUM
emaj-242	138	34	1.645	1.645	NUM
emaj-242	138	35	durbinhausman	durbinhausman	NOUN
emaj-242	138	36	group	group	NOUN
emaj-242	138	37	(	(	PUNCT
emaj-242	138	38	𝑫𝑯𝒈	𝑫𝑯𝒈	NOUN
emaj-242	138	39	)	)	PUNCT
emaj-242	138	40	test	test	NOUN
emaj-242	138	41	-0.985	-0.985	PUNCT
emaj-242	138	42	*	*	PUNCT
emaj-242	138	43	*	*	X
emaj-242	138	44	0.838	0.838	NUM
emaj-242	138	45	1.645	1.645	NUM
emaj-242	138	46	lm_ad	lm_ad	NOUN
emaj-242	138	47	for	for	ADP
emaj-242	138	48	residual	residual	ADJ
emaj-242	138	49	cointegration	cointegration	NOUN
emaj-242	138	50	6.481	6.481	NUM
emaj-242	138	51	*	*	NOUN
emaj-242	138	52	*	*	PUNCT
emaj-242	138	53	0.000	0.000	NUM
emaj-242	138	54	0.05	0.05	NUM
emaj-242	138	55	source	source	NOUN
emaj-242	138	56	:	:	PUNCT
emaj-242	138	57	stata	stata	NOUN
emaj-242	138	58	software	software	NOUN
emaj-242	138	59	output	output	NOUN
emaj-242	138	60	*	*	PUNCT
emaj-242	138	61	*	*	PUNCT
emaj-242	138	62	:	:	PUNCT
emaj-242	138	63	statistics	statistic	NOUN
emaj-242	138	64	are	be	AUX
emaj-242	138	65	significant	significant	ADJ
emaj-242	138	66	at	at	ADP
emaj-242	138	67	the	the	DET
emaj-242	138	68	5	5	NUM
emaj-242	138	69	per	per	NOUN
emaj-242	138	70	cent	cent	NOUN
emaj-242	138	71	level	level	NOUN
emaj-242	138	72	of	of	ADP
emaj-242	138	73	significance	significance	NOUN
emaj-242	138	74	.	.	PUNCT
emaj-242	139	1	the	the	DET
emaj-242	139	2	lm_ad	lm_ad	PROPN
emaj-242	139	3	test	test	NOUN
emaj-242	139	4	and	and	CCONJ
emaj-242	139	5	(	(	PUNCT
emaj-242	139	6	dhp	dhp	PROPN
emaj-242	139	7	)	)	PUNCT
emaj-242	139	8	for	for	ADP
emaj-242	139	9	residuals	residual	NOUN
emaj-242	139	10	in	in	ADP
emaj-242	139	11	companies	company	NOUN
emaj-242	139	12	traded	trade	VERB
emaj-242	139	13	in	in	ADP
emaj-242	139	14	other	other	ADJ
emaj-242	139	15	countries	country	NOUN
emaj-242	139	16	’	'	PUNCT
emaj-242	139	17	stock	stock	NOUN
emaj-242	139	18	exchanges	exchange	NOUN
emaj-242	139	19	are	be	AUX
emaj-242	139	20	shown	show	VERB
emaj-242	139	21	in	in	ADP
emaj-242	139	22	table	table	NOUN
emaj-242	139	23	5	5	NUM
emaj-242	139	24	.	.	PUNCT
emaj-242	140	1	according	accord	VERB
emaj-242	140	2	to	to	ADP
emaj-242	140	3	the	the	DET
emaj-242	140	4	lm_ad	lm_ad	PROPN
emaj-242	140	5	test	test	NOUN
emaj-242	140	6	results	result	NOUN
emaj-242	140	7	,	,	PUNCT
emaj-242	140	8	the	the	DET
emaj-242	140	9	hypothesis	hypothesis	NOUN
emaj-242	140	10	of	of	ADP
emaj-242	140	11	“	"	PUNCT
emaj-242	140	12	𝐻0	𝐻0	PROPN
emaj-242	140	13	:	:	PUNCT
emaj-242	140	14	no	no	DET
emaj-242	140	15	cointegration	cointegration	NOUN
emaj-242	140	16	cross	cross	ADJ
emaj-242	140	17	-	-	ADJ
emaj-242	140	18	section	section	ADJ
emaj-242	140	19	dependence	dependence	NOUN
emaj-242	140	20	for	for	ADP
emaj-242	140	21	residuals	residual	NOUN
emaj-242	140	22	”	"	PUNCT
emaj-242	140	23	was	be	AUX
emaj-242	140	24	rejected	reject	VERB
emaj-242	140	25	(	(	PUNCT
emaj-242	140	26	p=0.004	p=0.004	PROPN
emaj-242	140	27	,	,	PUNCT
emaj-242	140	28	<	<	NOUN
emaj-242	140	29	0.05	0.05	NUM
emaj-242	140	30	)	)	PUNCT
emaj-242	140	31	.	.	PUNCT
emaj-242	141	1	therefore	therefore	ADV
emaj-242	141	2	,	,	PUNCT
emaj-242	141	3	second	second	ADJ
emaj-242	141	4	-	-	PUNCT
emaj-242	141	5	generation	generation	NOUN
emaj-242	141	6	cointegration	cointegration	NOUN
emaj-242	141	7	tests	test	NOUN
emaj-242	141	8	taking	take	VERB
emaj-242	141	9	into	into	ADP
emaj-242	141	10	account	account	NOUN
emaj-242	141	11	cross	cross	ADJ
emaj-242	141	12	-	-	ADJ
emaj-242	141	13	section	section	ADJ
emaj-242	141	14	dependency	dependency	NOUN
emaj-242	141	15	were	be	AUX
emaj-242	141	16	applied	apply	VERB
emaj-242	141	17	.	.	PUNCT
emaj-242	142	1	in	in	ADP
emaj-242	142	2	the	the	DET
emaj-242	142	3	(	(	PUNCT
emaj-242	142	4	dhp	dhp	PROPN
emaj-242	142	5	)	)	PUNCT
emaj-242	142	6	panel	panel	NOUN
emaj-242	142	7	cointegration	cointegration	NOUN
emaj-242	142	8	test	test	NOUN
emaj-242	142	9	,	,	PUNCT
emaj-242	142	10	since	since	SCONJ
emaj-242	142	11	p=0.370	p=0.370	NOUN
emaj-242	142	12	,	,	PUNCT
emaj-242	142	13	<	<	X
emaj-242	142	14	1.645	1.645	NUM
emaj-242	142	15	,	,	PUNCT
emaj-242	142	16	the	the	DET
emaj-242	142	17	𝐻0	𝐻0	PROPN
emaj-242	142	18	hypothesis	hypothesis	NOUN
emaj-242	142	19	of	of	ADP
emaj-242	142	20	no	no	DET
emaj-242	142	21	cointegration	cointegration	NOUN
emaj-242	142	22	was	be	AUX
emaj-242	142	23	rejected	reject	VERB
emaj-242	142	24	.	.	PUNCT
emaj-242	143	1	in	in	ADP
emaj-242	143	2	the	the	DET
emaj-242	143	3	second	second	ADJ
emaj-242	143	4	stage	stage	NOUN
emaj-242	143	5	of	of	ADP
emaj-242	143	6	durbin	durbin	ADJ
emaj-242	143	7	-	-	PUNCT
emaj-242	143	8	hausman	hausman	PROPN
emaj-242	143	9	testing	testing	NOUN
emaj-242	143	10	,	,	PUNCT
emaj-242	143	11	the	the	DET
emaj-242	143	12	durbinhausman	durbinhausman	NOUN
emaj-242	143	13	group	group	NOUN
emaj-242	143	14	cointegration	cointegration	NOUN
emaj-242	143	15	test	test	NOUN
emaj-242	143	16	(	(	PUNCT
emaj-242	143	17	dhg	dhg	PROPN
emaj-242	143	18	)	)	PUNCT
emaj-242	143	19	for	for	ADP
emaj-242	143	20	“	"	PUNCT
emaj-242	143	21	𝐻0	𝐻0	PROPN
emaj-242	143	22	:	:	PUNCT
emaj-242	143	23	no	no	DET
emaj-242	143	24	cointegration	cointegration	NOUN
emaj-242	143	25	for	for	ADP
emaj-242	143	26	all	all	PRON
emaj-242	143	27	units”was	units”was	PROPN
emaj-242	143	28	performed	perform	VERB
emaj-242	143	29	for	for	ADP
emaj-242	143	30	the	the	DET
emaj-242	143	31	groups	group	NOUN
emaj-242	143	32	.	.	PUNCT
emaj-242	144	1	since	since	SCONJ
emaj-242	144	2	p=0.811	p=0.811	NUM
emaj-242	144	3	,	,	PUNCT
emaj-242	144	4	<	<	X
emaj-242	144	5	1.645	1.645	NUM
emaj-242	144	6	,	,	PUNCT
emaj-242	144	7	the	the	DET
emaj-242	144	8	𝐻0	𝐻0	PROPN
emaj-242	144	9	hypothesis	hypothesis	NOUN
emaj-242	144	10	was	be	AUX
emaj-242	144	11	rejected	reject	VERB
emaj-242	144	12	and	and	CCONJ
emaj-242	144	13	the	the	DET
emaj-242	144	14	alternative	alternative	ADJ
emaj-242	144	15	hypothesis	hypothesis	NOUN
emaj-242	144	16	of	of	ADP
emaj-242	144	17	cointegration	cointegration	NOUN
emaj-242	144	18	for	for	ADP
emaj-242	144	19	some	some	DET
emaj-242	144	20	units	unit	NOUN
emaj-242	144	21	was	be	AUX
emaj-242	144	22	accepted	accept	VERB
emaj-242	144	23	.	.	PUNCT
emaj-242	145	1	table	table	NOUN
emaj-242	145	2	5	5	NUM
emaj-242	145	3	:	:	PUNCT
emaj-242	145	4	cointegration	cointegration	NOUN
emaj-242	145	5	test	test	NOUN
emaj-242	145	6	results	result	NOUN
emaj-242	145	7	for	for	ADP
emaj-242	145	8	companies	company	NOUN
emaj-242	145	9	traded	trade	VERB
emaj-242	145	10	in	in	ADP
emaj-242	145	11	other	other	ADJ
emaj-242	145	12	countries	country	NOUN
emaj-242	145	13	’	'	PUNCT
emaj-242	145	14	stock	stock	NOUN
emaj-242	145	15	exchanges	exchange	NOUN
emaj-242	145	16	tests	test	VERB
emaj-242	145	17	test	test	NOUN
emaj-242	145	18	statistics	statistic	NOUN
emaj-242	145	19	probability	probability	NOUN
emaj-242	145	20	value	value	NOUN
emaj-242	145	21	reference	reference	NOUN
emaj-242	145	22	p	p	NOUN
emaj-242	145	23	-	-	PUNCT
emaj-242	145	24	value	value	NOUN
emaj-242	145	25	durbinhausman	durbinhausman	NOUN
emaj-242	145	26	panel	panel	NOUN
emaj-242	145	27	(	(	PUNCT
emaj-242	145	28	𝑫𝑯𝒑	𝑫𝑯𝒑	PROPN
emaj-242	145	29	)	)	PUNCT
emaj-242	145	30	test	test	NOUN
emaj-242	145	31	0.331	0.331	NUM
emaj-242	145	32	*	*	PUNCT
emaj-242	145	33	*	*	PUNCT
emaj-242	145	34	0.370	0.370	NUM
emaj-242	145	35	1.645	1.645	NUM
emaj-242	145	36	durbinhausman	durbinhausman	NOUN
emaj-242	145	37	group	group	NOUN
emaj-242	145	38	(	(	PUNCT
emaj-242	145	39	𝑫𝑯𝒈	𝑫𝑯𝒈	NOUN
emaj-242	145	40	)	)	PUNCT
emaj-242	145	41	test	test	NOUN
emaj-242	145	42	-0.881	-0.881	PUNCT
emaj-242	145	43	*	*	PUNCT
emaj-242	145	44	*	*	NOUN
emaj-242	145	45	0.811	0.811	NUM
emaj-242	145	46	1.645	1.645	NUM
emaj-242	145	47	lm_ad	lm_ad	NOUN
emaj-242	145	48	for	for	ADP
emaj-242	145	49	residual	residual	ADJ
emaj-242	145	50	cointegration	cointegration	NOUN
emaj-242	145	51	2.687	2.687	NUM
emaj-242	145	52	*	*	SYM
emaj-242	145	53	*	*	PUNCT
emaj-242	145	54	0.004	0.004	NUM
emaj-242	145	55	0.05	0.05	NUM
emaj-242	145	56	source	source	NOUN
emaj-242	145	57	:	:	PUNCT
emaj-242	145	58	stata	stata	NOUN
emaj-242	145	59	software	software	NOUN
emaj-242	145	60	output	output	NOUN
emaj-242	145	61	*	*	PUNCT
emaj-242	145	62	*	*	PUNCT
emaj-242	145	63	:	:	PUNCT
emaj-242	145	64	statistics	statistic	NOUN
emaj-242	145	65	are	be	AUX
emaj-242	145	66	significant	significant	ADJ
emaj-242	145	67	at	at	ADP
emaj-242	145	68	the	the	DET
emaj-242	145	69	5	5	NUM
emaj-242	145	70	per	per	NOUN
emaj-242	145	71	cent	cent	NOUN
emaj-242	145	72	level	level	NOUN
emaj-242	145	73	of	of	ADP
emaj-242	145	74	significance	significance	NOUN
emaj-242	145	75	.	.	PUNCT
emaj-242	146	1	tests	test	NOUN
emaj-242	146	2	for	for	ADP
emaj-242	146	3	the	the	DET
emaj-242	146	4	presence	presence	NOUN
emaj-242	146	5	of	of	ADP
emaj-242	146	6	individual	individual	ADJ
emaj-242	146	7	and	and	CCONJ
emaj-242	146	8	time	time	NOUN
emaj-242	146	9	effects	effect	NOUN
emaj-242	146	10	in	in	ADP
emaj-242	146	11	panel	panel	NOUN
emaj-242	146	12	data	datum	NOUN
emaj-242	146	13	analysis	analysis	NOUN
emaj-242	146	14	,	,	PUNCT
emaj-242	146	15	in	in	ADP
emaj-242	146	16	order	order	NOUN
emaj-242	146	17	to	to	PART
emaj-242	146	18	be	be	AUX
emaj-242	146	19	able	able	ADJ
emaj-242	146	20	to	to	PART
emaj-242	146	21	choose	choose	VERB
emaj-242	146	22	between	between	ADP
emaj-242	146	23	estimators	estimator	NOUN
emaj-242	146	24	and	and	CCONJ
emaj-242	146	25	determine	determine	VERB
emaj-242	146	26	the	the	DET
emaj-242	146	27	model	model	NOUN
emaj-242	146	28	,	,	PUNCT
emaj-242	146	29	the	the	DET
emaj-242	146	30	model	model	NOUN
emaj-242	146	31	to	to	PART
emaj-242	146	32	be	be	AUX
emaj-242	146	33	used	use	VERB
emaj-242	146	34	for	for	ADP
emaj-242	146	35	prediction	prediction	NOUN
emaj-242	146	36	is	be	AUX
emaj-242	146	37	obtained	obtain	VERB
emaj-242	146	38	by	by	ADP
emaj-242	146	39	testing	test	VERB
emaj-242	146	40	whether	whether	SCONJ
emaj-242	146	41	there	there	PRON
emaj-242	146	42	are	be	VERB
emaj-242	146	43	individual	individual	ADJ
emaj-242	146	44	effects	effect	NOUN
emaj-242	146	45	or	or	CCONJ
emaj-242	146	46	time	time	NOUN
emaj-242	146	47	effects	effect	NOUN
emaj-242	146	48	.	.	PUNCT
emaj-242	147	1	various	various	ADJ
emaj-242	147	2	tests	test	NOUN
emaj-242	147	3	are	be	AUX
emaj-242	147	4	available	available	ADJ
emaj-242	147	5	for	for	ADP
emaj-242	147	6	this	this	DET
emaj-242	147	7	purpose	purpose	NOUN
emaj-242	147	8	,	,	PUNCT
emaj-242	147	9	but	but	CCONJ
emaj-242	147	10	f	f	PROPN
emaj-242	147	11	tests	test	NOUN
emaj-242	147	12	were	be	AUX
emaj-242	147	13	used	use	VERB
emaj-242	147	14	in	in	ADP
emaj-242	147	15	this	this	DET
emaj-242	147	16	study	study	NOUN
emaj-242	147	17	.	.	PUNCT
emaj-242	148	1	the	the	DET
emaj-242	148	2	results	result	NOUN
emaj-242	148	3	of	of	ADP
emaj-242	148	4	f	f	PROPN
emaj-242	148	5	tests	test	NOUN
emaj-242	148	6	conducted	conduct	VERB
emaj-242	148	7	with	with	ADP
emaj-242	148	8	the	the	DET
emaj-242	148	9	stata	stata	NOUN
emaj-242	148	10	program	program	NOUN
emaj-242	148	11	for	for	ADP
emaj-242	148	12	companies	company	NOUN
emaj-242	148	13	traded	trade	VERB
emaj-242	148	14	in	in	ADP
emaj-242	148	15	the	the	DET
emaj-242	148	16	bist	bist	NOUN
emaj-242	148	17	are	be	AUX
emaj-242	148	18	given	give	VERB
emaj-242	148	19	in	in	ADP
emaj-242	148	20	table	table	NOUN
emaj-242	148	21	6	6	NUM
emaj-242	148	22	.	.	PUNCT
emaj-242	149	1	according	accord	VERB
emaj-242	149	2	to	to	ADP
emaj-242	149	3	the	the	DET
emaj-242	149	4	results	result	NOUN
emaj-242	149	5	of	of	ADP
emaj-242	149	6	the	the	DET
emaj-242	149	7	f1	f1	NOUN
emaj-242	149	8	test	test	NOUN
emaj-242	149	9	,	,	PUNCT
emaj-242	149	10	which	which	PRON
emaj-242	149	11	determines	determine	VERB
emaj-242	149	12	whether	whether	SCONJ
emaj-242	149	13	there	there	PRON
emaj-242	149	14	are	be	VERB
emaj-242	149	15	individual	individual	ADJ
emaj-242	149	16	or	or	CCONJ
emaj-242	149	17	time	time	NOUN
emaj-242	149	18	effects	effect	NOUN
emaj-242	149	19	,	,	PUNCT
emaj-242	149	20	the	the	DET
emaj-242	149	21	test	test	NOUN
emaj-242	149	22	statistic	statistic	NOUN
emaj-242	149	23	is	be	AUX
emaj-242	149	24	6.04	6.04	NUM
emaj-242	149	25	and	and	CCONJ
emaj-242	149	26	the	the	DET
emaj-242	149	27	𝐻0	𝐻0	PROPN
emaj-242	149	28	hypothesis	hypothesis	NOUN
emaj-242	149	29	is	be	AUX
emaj-242	149	30	rejected	reject	VERB
emaj-242	149	31	since	since	SCONJ
emaj-242	149	32	the	the	DET
emaj-242	149	33	probability	probability	NOUN
emaj-242	149	34	value	value	NOUN
emaj-242	149	35	is	be	AUX
emaj-242	149	36	less	less	ADJ
emaj-242	149	37	than	than	ADP
emaj-242	149	38	0.05	0.05	NUM
emaj-242	149	39	.	.	PUNCT
emaj-242	150	1	thus	thus	ADV
emaj-242	150	2	,	,	PUNCT
emaj-242	150	3	the	the	DET
emaj-242	150	4	existence	existence	NOUN
emaj-242	150	5	of	of	ADP
emaj-242	150	6	at	at	ADV
emaj-242	150	7	least	least	ADV
emaj-242	150	8	one	one	NUM
emaj-242	150	9	such	such	ADJ
emaj-242	150	10	effect	effect	NOUN
emaj-242	150	11	was	be	AUX
emaj-242	150	12	accepted	accept	VERB
emaj-242	150	13	.	.	PUNCT
emaj-242	151	1	the	the	DET
emaj-242	151	2	𝐻0	𝐻0	PROPN
emaj-242	151	3	hypothesis	hypothesis	NOUN
emaj-242	151	4	was	be	AUX
emaj-242	151	5	rejected	reject	VERB
emaj-242	151	6	with	with	ADP
emaj-242	151	7	a	a	DET
emaj-242	151	8	test	test	NOUN
emaj-242	151	9	statistic	statistic	NOUN
emaj-242	151	10	value	value	NOUN
emaj-242	151	11	of	of	ADP
emaj-242	151	12	38.49	38.49	NUM
emaj-242	151	13	and	and	CCONJ
emaj-242	151	14	probability	probability	NOUN
emaj-242	151	15	value	value	NOUN
emaj-242	151	16	of	of	ADP
emaj-242	151	17	0.00	0.00	NUM
emaj-242	151	18	by	by	ADP
emaj-242	151	19	performing	perform	VERB
emaj-242	151	20	the	the	DET
emaj-242	151	21	f2	f2	PROPN
emaj-242	151	22	test	test	NOUN
emaj-242	151	23	to	to	PART
emaj-242	151	24	determine	determine	VERB
emaj-242	151	25	whether	whether	SCONJ
emaj-242	151	26	there	there	PRON
emaj-242	151	27	were	be	VERB
emaj-242	151	28	individual	individual	ADJ
emaj-242	151	29	effects	effect	NOUN
emaj-242	151	30	.	.	PUNCT
emaj-242	152	1	finally	finally	ADV
emaj-242	152	2	,	,	PUNCT
emaj-242	152	3	in	in	ADP
emaj-242	152	4	the	the	DET
emaj-242	152	5	f3	f3	ADJ
emaj-242	152	6	test	test	NOUN
emaj-242	152	7	to	to	PART
emaj-242	152	8	consider	consider	VERB
emaj-242	152	9	the	the	DET
emaj-242	152	10	existence	existence	NOUN
emaj-242	152	11	of	of	ADP
emaj-242	152	12	time	time	NOUN
emaj-242	152	13	effects	effect	NOUN
emaj-242	152	14	,	,	PUNCT
emaj-242	152	15	the	the	DET
emaj-242	152	16	𝐻0	𝐻0	PROPN
emaj-242	152	17	hypothesis	hypothesis	NOUN
emaj-242	152	18	was	be	AUX
emaj-242	152	19	rejected	reject	VERB
emaj-242	152	20	with	with	ADP
emaj-242	152	21	a	a	DET
emaj-242	152	22	statistical	statistical	ADJ
emaj-242	152	23	value	value	NOUN
emaj-242	152	24	of	of	ADP
emaj-242	152	25	2.78	2.78	NUM
emaj-242	152	26	and	and	CCONJ
emaj-242	152	27	a	a	DET
emaj-242	152	28	probability	probability	NOUN
emaj-242	152	29	value	value	NOUN
emaj-242	152	30	of	of	ADP
emaj-242	152	31	0.00	0.00	NUM
emaj-242	152	32	.	.	PUNCT
emaj-242	153	1	it	it	PRON
emaj-242	153	2	was	be	AUX
emaj-242	153	3	thus	thus	ADV
emaj-242	153	4	concluded	conclude	VERB
emaj-242	153	5	that	that	SCONJ
emaj-242	153	6	there	there	PRON
emaj-242	153	7	were	be	VERB
emaj-242	153	8	two	two	NUM
emaj-242	153	9	-	-	PUNCT
emaj-242	153	10	way	way	NOUN
emaj-242	153	11	fixed	fix	VERB
emaj-242	153	12	effects	effect	NOUN
emaj-242	153	13	in	in	ADP
emaj-242	153	14	the	the	DET
emaj-242	153	15	model	model	NOUN
emaj-242	153	16	.	.	PUNCT
emaj-242	154	1	volume	volume	NOUN
emaj-242	154	2	12	12	NUM
emaj-242	154	3	no	no	DET
emaj-242	154	4	1	1	NUM
emaj-242	154	5	(	(	PUNCT
emaj-242	154	6	2022	2022	NUM
emaj-242	154	7	)	)	PUNCT
emaj-242	154	8	|	|	ADV
emaj-242	154	9	issn	issn	VERB
emaj-242	154	10	2158	2158	NUM
emaj-242	154	11	-	-	SYM
emaj-242	154	12	8708	8708	NUM
emaj-242	154	13	(	(	PUNCT
emaj-242	154	14	online	online	NOUN
emaj-242	154	15	)	)	PUNCT
emaj-242	154	16	|	|	ADV
emaj-242	154	17	doi	doi	X
emaj-242	154	18	10.5195	10.5195	NUM
emaj-242	154	19	/	/	SYM
emaj-242	154	20	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	154	21	|	|	ADV
emaj-242	154	22	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-242	154	23	nurten	nurten	PROPN
emaj-242	154	24	dönmez	dönmez	NOUN
emaj-242	154	25	,	,	PUNCT
emaj-242	154	26	turgut	turgut	VERB
emaj-242	154	27	özkan	özkan	VERB
emaj-242	154	28	emerging	emerge	VERB
emaj-242	154	29	markets	market	NOUN
emaj-242	154	30	journal	journal	NOUN
emaj-242	155	1	|	|	ADV
emaj-242	155	2	p	p	NOUN
emaj-242	155	3	a	a	DET
emaj-242	155	4	g	g	NOUN
emaj-242	155	5	e	e	NOUN
emaj-242	155	6	7	7	NUM
emaj-242	155	7	table	table	NOUN
emaj-242	155	8	6	6	NUM
emaj-242	155	9	:	:	PUNCT
emaj-242	155	10	f	f	X
emaj-242	155	11	tests	test	VERB
emaj-242	155	12	for	for	ADP
emaj-242	155	13	companies	company	NOUN
emaj-242	155	14	traded	trade	VERB
emaj-242	155	15	in	in	ADP
emaj-242	155	16	turkey	turkey	NOUN
emaj-242	155	17	hypothesis	hypothesis	NOUN
emaj-242	155	18	test	test	NOUN
emaj-242	155	19	statistics	statistic	NOUN
emaj-242	155	20	probability	probability	NOUN
emaj-242	155	21	value	value	NOUN
emaj-242	155	22	f1	f1	NOUN
emaj-242	155	23	test	test	NOUN
emaj-242	155	24	𝑯𝟎	𝑯𝟎	NOUN
emaj-242	155	25	:	:	PUNCT
emaj-242	155	26	µ𝒊	µ𝒊	ADP
emaj-242	155	27	=	=	SYM
emaj-242	155	28	𝟎	𝟎	X
emaj-242	155	29	,	,	PUNCT
emaj-242	155	30	ƛ𝒕	ƛ𝒕	PRON
emaj-242	155	31	=	=	SYM
emaj-242	155	32	𝟎	𝟎	PROPN
emaj-242	155	33	6.04	6.04	NUM
emaj-242	155	34	*	*	PUNCT
emaj-242	155	35	*	*	PUNCT
emaj-242	155	36	*	*	PUNCT
emaj-242	155	37	0.000	0.000	NUM
emaj-242	155	38	f2	f2	ADJ
emaj-242	155	39	test	test	NOUN
emaj-242	155	40	𝑯𝟎	𝑯𝟎	NOUN
emaj-242	155	41	:	:	PUNCT
emaj-242	155	42	µ𝒊	µ𝒊	ADP
emaj-242	155	43	=	=	SYM
emaj-242	155	44	𝟎	𝟎	NUM
emaj-242	155	45	38.49	38.49	NUM
emaj-242	155	46	*	*	PUNCT
emaj-242	155	47	*	*	PUNCT
emaj-242	155	48	*	*	PUNCT
emaj-242	155	49	0.000	0.000	NUM
emaj-242	155	50	f3	f3	ADJ
emaj-242	155	51	test	test	NOUN
emaj-242	155	52	𝑯𝟎	𝑯𝟎	NOUN
emaj-242	155	53	:	:	PUNCT
emaj-242	155	54	ƛ𝒕	ƛ𝒕	ADP
emaj-242	155	55	=	=	SYM
emaj-242	155	56	𝟎	𝟎	PROPN
emaj-242	155	57	2.78	2.78	NUM
emaj-242	155	58	*	*	PUNCT
emaj-242	155	59	*	*	PUNCT
emaj-242	155	60	*	*	PUNCT
emaj-242	155	61	0.000	0.000	NUM
emaj-242	155	62	source	source	NOUN
emaj-242	155	63	:	:	PUNCT
emaj-242	155	64	stata	stata	NOUN
emaj-242	155	65	software	software	NOUN
emaj-242	155	66	output	output	NOUN
emaj-242	155	67	*	*	PUNCT
emaj-242	155	68	*	*	PUNCT
emaj-242	155	69	*	*	PUNCT
emaj-242	155	70	:	:	PUNCT
emaj-242	155	71	statistics	statistic	NOUN
emaj-242	155	72	are	be	AUX
emaj-242	155	73	significant	significant	ADJ
emaj-242	155	74	at	at	ADP
emaj-242	155	75	the	the	DET
emaj-242	155	76	1	1	NUM
emaj-242	155	77	per	per	NOUN
emaj-242	155	78	cent	cent	NOUN
emaj-242	155	79	level	level	NOUN
emaj-242	155	80	of	of	ADP
emaj-242	155	81	significance	significance	NOUN
emaj-242	155	82	.	.	PUNCT
emaj-242	156	1	the	the	DET
emaj-242	156	2	results	result	NOUN
emaj-242	156	3	of	of	ADP
emaj-242	156	4	the	the	DET
emaj-242	156	5	f	f	PROPN
emaj-242	156	6	tests	test	NOUN
emaj-242	156	7	for	for	ADP
emaj-242	156	8	companies	company	NOUN
emaj-242	156	9	traded	trade	VERB
emaj-242	156	10	in	in	ADP
emaj-242	156	11	other	other	ADJ
emaj-242	156	12	countries	country	NOUN
emaj-242	156	13	’	'	PUNCT
emaj-242	156	14	stock	stock	NOUN
emaj-242	156	15	exchanges	exchange	NOUN
emaj-242	156	16	are	be	AUX
emaj-242	156	17	provided	provide	VERB
emaj-242	156	18	in	in	ADP
emaj-242	156	19	table	table	NOUN
emaj-242	156	20	7	7	NUM
emaj-242	156	21	.	.	PUNCT
emaj-242	157	1	according	accord	VERB
emaj-242	157	2	to	to	ADP
emaj-242	157	3	the	the	DET
emaj-242	157	4	results	result	NOUN
emaj-242	157	5	of	of	ADP
emaj-242	157	6	the	the	DET
emaj-242	157	7	f1	f1	NOUN
emaj-242	157	8	test	test	NOUN
emaj-242	157	9	to	to	PART
emaj-242	157	10	determine	determine	VERB
emaj-242	157	11	the	the	DET
emaj-242	157	12	presence	presence	NOUN
emaj-242	157	13	of	of	ADP
emaj-242	157	14	individual	individual	ADJ
emaj-242	157	15	or	or	CCONJ
emaj-242	157	16	time	time	NOUN
emaj-242	157	17	effects	effect	NOUN
emaj-242	157	18	,	,	PUNCT
emaj-242	157	19	the	the	DET
emaj-242	157	20	test	test	NOUN
emaj-242	157	21	statistic	statistic	NOUN
emaj-242	157	22	is	be	AUX
emaj-242	157	23	6.72	6.72	NUM
emaj-242	157	24	and	and	CCONJ
emaj-242	157	25	the	the	DET
emaj-242	157	26	probability	probability	NOUN
emaj-242	157	27	value	value	NOUN
emaj-242	157	28	is	be	AUX
emaj-242	157	29	less	less	ADJ
emaj-242	157	30	than	than	ADP
emaj-242	157	31	0.05	0.05	NUM
emaj-242	157	32	,	,	PUNCT
emaj-242	157	33	so	so	SCONJ
emaj-242	157	34	the	the	DET
emaj-242	157	35	𝐻0	𝐻0	PROPN
emaj-242	157	36	hypothesis	hypothesis	NOUN
emaj-242	157	37	can	can	AUX
emaj-242	157	38	be	be	AUX
emaj-242	157	39	rejected	reject	VERB
emaj-242	157	40	.	.	PUNCT
emaj-242	158	1	thus	thus	ADV
emaj-242	158	2	,	,	PUNCT
emaj-242	158	3	the	the	DET
emaj-242	158	4	existence	existence	NOUN
emaj-242	158	5	of	of	ADP
emaj-242	158	6	at	at	ADV
emaj-242	158	7	least	least	ADV
emaj-242	158	8	one	one	NUM
emaj-242	158	9	such	such	ADJ
emaj-242	158	10	effect	effect	NOUN
emaj-242	158	11	was	be	AUX
emaj-242	158	12	accepted	accept	VERB
emaj-242	158	13	.	.	PUNCT
emaj-242	159	1	the	the	DET
emaj-242	159	2	𝐻0	𝐻0	PROPN
emaj-242	159	3	hypothesis	hypothesis	NOUN
emaj-242	159	4	was	be	AUX
emaj-242	159	5	rejected	reject	VERB
emaj-242	159	6	with	with	ADP
emaj-242	159	7	a	a	DET
emaj-242	159	8	test	test	NOUN
emaj-242	159	9	statistic	statistic	NOUN
emaj-242	159	10	value	value	NOUN
emaj-242	159	11	of	of	ADP
emaj-242	159	12	34.28	34.28	NUM
emaj-242	159	13	and	and	CCONJ
emaj-242	159	14	probability	probability	NOUN
emaj-242	159	15	value	value	NOUN
emaj-242	159	16	of	of	ADP
emaj-242	159	17	0.00	0.00	NUM
emaj-242	159	18	after	after	ADP
emaj-242	159	19	performing	perform	VERB
emaj-242	159	20	the	the	DET
emaj-242	159	21	f2	f2	PROPN
emaj-242	159	22	test	test	NOUN
emaj-242	159	23	to	to	PART
emaj-242	159	24	determine	determine	VERB
emaj-242	159	25	whether	whether	SCONJ
emaj-242	159	26	there	there	PRON
emaj-242	159	27	were	be	VERB
emaj-242	159	28	individual	individual	ADJ
emaj-242	159	29	effects	effect	NOUN
emaj-242	159	30	.	.	PUNCT
emaj-242	160	1	finally	finally	ADV
emaj-242	160	2	,	,	PUNCT
emaj-242	160	3	with	with	SCONJ
emaj-242	160	4	the	the	DET
emaj-242	160	5	f3	f3	ADJ
emaj-242	160	6	test	test	NOUN
emaj-242	160	7	to	to	PART
emaj-242	160	8	consider	consider	VERB
emaj-242	160	9	the	the	DET
emaj-242	160	10	presence	presence	NOUN
emaj-242	160	11	of	of	ADP
emaj-242	160	12	time	time	NOUN
emaj-242	160	13	effects	effect	NOUN
emaj-242	160	14	,	,	PUNCT
emaj-242	160	15	the	the	DET
emaj-242	160	16	𝐻0	𝐻0	PROPN
emaj-242	160	17	hypothesis	hypothesis	NOUN
emaj-242	160	18	was	be	AUX
emaj-242	160	19	rejected	reject	VERB
emaj-242	160	20	with	with	ADP
emaj-242	160	21	a	a	DET
emaj-242	160	22	test	test	NOUN
emaj-242	160	23	statistic	statistic	NOUN
emaj-242	160	24	value	value	NOUN
emaj-242	160	25	of	of	ADP
emaj-242	160	26	2.33	2.33	NUM
emaj-242	160	27	and	and	CCONJ
emaj-242	160	28	a	a	DET
emaj-242	160	29	probability	probability	NOUN
emaj-242	160	30	value	value	NOUN
emaj-242	160	31	of	of	ADP
emaj-242	160	32	0.00	0.00	NUM
emaj-242	160	33	.	.	PUNCT
emaj-242	161	1	it	it	PRON
emaj-242	161	2	was	be	AUX
emaj-242	161	3	concluded	conclude	VERB
emaj-242	161	4	that	that	SCONJ
emaj-242	161	5	there	there	PRON
emaj-242	161	6	were	be	VERB
emaj-242	161	7	two	two	NUM
emaj-242	161	8	-	-	PUNCT
emaj-242	161	9	way	way	NOUN
emaj-242	161	10	fixed	fix	VERB
emaj-242	161	11	effects	effect	NOUN
emaj-242	161	12	in	in	ADP
emaj-242	161	13	the	the	DET
emaj-242	161	14	model	model	NOUN
emaj-242	161	15	.	.	PUNCT
emaj-242	162	1	table	table	NOUN
emaj-242	162	2	7	7	NUM
emaj-242	162	3	:	:	PUNCT
emaj-242	162	4	f	f	X
emaj-242	162	5	tests	test	VERB
emaj-242	162	6	for	for	ADP
emaj-242	162	7	companies	company	NOUN
emaj-242	162	8	traded	trade	VERB
emaj-242	162	9	in	in	ADP
emaj-242	162	10	other	other	ADJ
emaj-242	162	11	countries	country	NOUN
emaj-242	162	12	’	'	PUNCT
emaj-242	162	13	stock	stock	NOUN
emaj-242	162	14	exchanges	exchange	NOUN
emaj-242	162	15	hypothesis	hypothesis	NOUN
emaj-242	162	16	test	test	NOUN
emaj-242	162	17	statistics	statistic	NOUN
emaj-242	162	18	probability	probability	NOUN
emaj-242	162	19	value	value	NOUN
emaj-242	162	20	f1	f1	NOUN
emaj-242	162	21	test	test	NOUN
emaj-242	162	22	𝑯𝟎	𝑯𝟎	NOUN
emaj-242	162	23	:	:	PUNCT
emaj-242	163	1	µ𝒊	µ𝒊	ADP
emaj-242	163	2	=	=	SYM
emaj-242	163	3	𝟎	𝟎	X
emaj-242	163	4	,	,	PUNCT
emaj-242	163	5	ƛ𝒕	ƛ𝒕	PRON
emaj-242	163	6	=	=	SYM
emaj-242	163	7	𝟎	𝟎	NUM
emaj-242	163	8	6.72	6.72	NUM
emaj-242	163	9	*	*	PUNCT
emaj-242	163	10	*	*	PUNCT
emaj-242	163	11	*	*	PUNCT
emaj-242	163	12	0.000	0.000	NUM
emaj-242	163	13	f2	f2	ADJ
emaj-242	163	14	test	test	NOUN
emaj-242	163	15	𝑯𝟎	𝑯𝟎	NOUN
emaj-242	163	16	:	:	PUNCT
emaj-242	163	17	µ𝒊	µ𝒊	ADP
emaj-242	163	18	=	=	SYM
emaj-242	163	19	𝟎	𝟎	X
emaj-242	163	20	34.28	34.28	NUM
emaj-242	163	21	*	*	PUNCT
emaj-242	163	22	*	*	PUNCT
emaj-242	163	23	*	*	PUNCT
emaj-242	163	24	0.000	0.000	NUM
emaj-242	163	25	f3	f3	ADJ
emaj-242	163	26	test	test	NOUN
emaj-242	163	27	𝑯𝟎	𝑯𝟎	NOUN
emaj-242	163	28	:	:	PUNCT
emaj-242	163	29	ƛ𝒕	ƛ𝒕	ADP
emaj-242	163	30	=	=	SYM
emaj-242	163	31	𝟎	𝟎	NUM
emaj-242	163	32	2.33	2.33	NUM
emaj-242	163	33	*	*	PUNCT
emaj-242	163	34	*	*	PUNCT
emaj-242	163	35	*	*	PUNCT
emaj-242	163	36	0.000	0.000	NUM
emaj-242	163	37	source	source	NOUN
emaj-242	163	38	:	:	PUNCT
emaj-242	163	39	stata	stata	NOUN
emaj-242	163	40	software	software	NOUN
emaj-242	163	41	output	output	NOUN
emaj-242	163	42	*	*	PUNCT
emaj-242	163	43	*	*	PUNCT
emaj-242	163	44	*	*	PUNCT
emaj-242	163	45	:	:	PUNCT
emaj-242	163	46	statistics	statistic	NOUN
emaj-242	163	47	are	be	AUX
emaj-242	163	48	significant	significant	ADJ
emaj-242	163	49	at	at	ADP
emaj-242	163	50	the	the	DET
emaj-242	163	51	1	1	NUM
emaj-242	163	52	per	per	NOUN
emaj-242	163	53	cent	cent	NOUN
emaj-242	163	54	level	level	NOUN
emaj-242	163	55	of	of	ADP
emaj-242	163	56	significance	significance	NOUN
emaj-242	163	57	.	.	PUNCT
emaj-242	164	1	v.	v.	ADP
emaj-242	164	2	findings	finding	NOUN
emaj-242	164	3	and	and	CCONJ
emaj-242	164	4	discussion	discussion	NOUN
emaj-242	164	5	findings	finding	NOUN
emaj-242	164	6	for	for	ADP
emaj-242	164	7	companies	company	NOUN
emaj-242	164	8	traded	trade	VERB
emaj-242	164	9	in	in	ADP
emaj-242	164	10	turkey	turkey	NOUN
emaj-242	164	11	the	the	DET
emaj-242	164	12	following	follow	VERB
emaj-242	164	13	panel	panel	NOUN
emaj-242	164	14	regression	regression	NOUN
emaj-242	164	15	model	model	NOUN
emaj-242	164	16	was	be	AUX
emaj-242	164	17	established	establish	VERB
emaj-242	164	18	for	for	ADP
emaj-242	164	19	companies	company	NOUN
emaj-242	164	20	traded	trade	VERB
emaj-242	164	21	in	in	ADP
emaj-242	164	22	the	the	DET
emaj-242	164	23	bist	bist	NOUN
emaj-242	164	24	:	:	PUNCT
emaj-242	164	25	priceit=	priceit=	VERB
emaj-242	164	26	αit	αit	NOUN
emaj-242	164	27	+	+	CCONJ
emaj-242	164	28	β1curit	β1curit	NOUN
emaj-242	164	29	+	+	CCONJ
emaj-242	164	30	β2lqrit	β2lqrit	PROPN
emaj-242	164	31	+	+	CCONJ
emaj-242	164	32	β3carit	β3carit	NOUN
emaj-242	164	33	+	+	CCONJ
emaj-242	164	34	β4lvrit	β4lvrit	ADV
emaj-242	164	35	+	+	CCONJ
emaj-242	164	36	β5dtoit	β5dtoit	ADV
emaj-242	164	37	+	+	CCONJ
emaj-242	164	38	β6mslit	β6mslit	ADJ
emaj-242	164	39	+	+	NUM
emaj-242	164	40	β7npmit	β7npmit	NOUN
emaj-242	164	41	+	+	CCONJ
emaj-242	164	42	β8roeit	β8roeit	ADJ
emaj-242	164	43	+	+	CCONJ
emaj-242	164	44	β9roait	β9roait	NOUN
emaj-242	164	45	+	+	CCONJ
emaj-242	164	46	β10acrit	β10acrit	NUM
emaj-242	164	47	+	+	CCONJ
emaj-242	164	48	β11asiit	β11asiit	PROPN
emaj-242	164	49	+	+	NUM
emaj-242	164	50	β12atrit	β12atrit	NOUN
emaj-242	164	51	+	+	CCONJ
emaj-242	164	52	uit	uit	NOUN
emaj-242	164	53	it	it	PRON
emaj-242	164	54	is	be	AUX
emaj-242	164	55	seen	see	VERB
emaj-242	164	56	that	that	SCONJ
emaj-242	164	57	the	the	DET
emaj-242	164	58	variables	variable	NOUN
emaj-242	164	59	of	of	ADP
emaj-242	164	60	current	current	ADJ
emaj-242	164	61	ratio	ratio	NOUN
emaj-242	164	62	,	,	PUNCT
emaj-242	164	63	leverage	leverage	NOUN
emaj-242	164	64	ratio	ratio	NOUN
emaj-242	164	65	,	,	PUNCT
emaj-242	164	66	debt	debt	NOUN
emaj-242	164	67	turnover	turnover	NOUN
emaj-242	164	68	,	,	PUNCT
emaj-242	164	69	maturity	maturity	NOUN
emaj-242	164	70	structure	structure	NOUN
emaj-242	164	71	of	of	ADP
emaj-242	164	72	liabilities	liability	NOUN
emaj-242	164	73	,	,	PUNCT
emaj-242	164	74	average	average	ADJ
emaj-242	164	75	collection	collection	NOUN
emaj-242	164	76	period	period	NOUN
emaj-242	164	77	of	of	ADP
emaj-242	164	78	receivables	receivables	NOUN
emaj-242	164	79	,	,	PUNCT
emaj-242	164	80	and	and	CCONJ
emaj-242	164	81	asset	asset	NOUN
emaj-242	164	82	turnover	turnover	NOUN
emaj-242	164	83	give	give	VERB
emaj-242	164	84	statistically	statistically	ADV
emaj-242	164	85	significant	significant	ADJ
emaj-242	164	86	results	result	NOUN
emaj-242	164	87	,	,	PUNCT
emaj-242	164	88	while	while	SCONJ
emaj-242	164	89	the	the	DET
emaj-242	164	90	other	other	ADJ
emaj-242	164	91	variables	variable	NOUN
emaj-242	164	92	give	give	VERB
emaj-242	164	93	insignificant	insignificant	ADJ
emaj-242	164	94	results	result	NOUN
emaj-242	164	95	(	(	PUNCT
emaj-242	164	96	table	table	NOUN
emaj-242	164	97	8)	8)	NUM
emaj-242	164	98	.	.	PUNCT
emaj-242	165	1	the	the	DET
emaj-242	165	2	r2	r2	PROPN
emaj-242	165	3	value	value	NOUN
emaj-242	165	4	,	,	PUNCT
emaj-242	165	5	which	which	PRON
emaj-242	165	6	represents	represent	VERB
emaj-242	165	7	the	the	DET
emaj-242	165	8	explanatory	explanatory	ADJ
emaj-242	165	9	power	power	NOUN
emaj-242	165	10	of	of	ADP
emaj-242	165	11	the	the	DET
emaj-242	165	12	independent	independent	ADJ
emaj-242	165	13	variables	variable	NOUN
emaj-242	165	14	in	in	ADP
emaj-242	165	15	the	the	DET
emaj-242	165	16	model	model	NOUN
emaj-242	165	17	for	for	ADP
emaj-242	165	18	the	the	DET
emaj-242	165	19	dependent	dependent	ADJ
emaj-242	165	20	variable	variable	NOUN
emaj-242	165	21	,	,	PUNCT
emaj-242	165	22	is	be	AUX
emaj-242	165	23	0.6306	0.6306	NUM
emaj-242	165	24	,	,	PUNCT
emaj-242	165	25	while	while	SCONJ
emaj-242	165	26	the	the	DET
emaj-242	165	27	f	f	PROPN
emaj-242	165	28	statistic	statistic	NOUN
emaj-242	165	29	,	,	PUNCT
emaj-242	165	30	which	which	PRON
emaj-242	165	31	reflects	reflect	VERB
emaj-242	165	32	the	the	DET
emaj-242	165	33	general	general	ADJ
emaj-242	165	34	significance	significance	NOUN
emaj-242	165	35	of	of	ADP
emaj-242	165	36	the	the	DET
emaj-242	165	37	model	model	NOUN
emaj-242	165	38	,	,	PUNCT
emaj-242	165	39	is	be	AUX
emaj-242	165	40	7.81	7.81	NUM
emaj-242	165	41	.	.	PUNCT
emaj-242	166	1	the	the	DET
emaj-242	166	2	model	model	NOUN
emaj-242	166	3	was	be	AUX
emaj-242	166	4	reconstructed	reconstruct	VERB
emaj-242	166	5	with	with	ADP
emaj-242	166	6	these	these	DET
emaj-242	166	7	significant	significant	ADJ
emaj-242	166	8	independent	independent	ADJ
emaj-242	166	9	variables	variable	NOUN
emaj-242	166	10	and	and	CCONJ
emaj-242	166	11	the	the	DET
emaj-242	166	12	basic	basic	ADJ
emaj-242	166	13	model	model	NOUN
emaj-242	166	14	was	be	AUX
emaj-242	166	15	thus	thus	ADV
emaj-242	166	16	created	create	VERB
emaj-242	166	17	.	.	PUNCT
emaj-242	167	1	by	by	ADP
emaj-242	167	2	adding	add	VERB
emaj-242	167	3	the	the	DET
emaj-242	167	4	liquidity	liquidity	NOUN
emaj-242	167	5	ratio	ratio	NOUN
emaj-242	167	6	variable	variable	NOUN
emaj-242	167	7	to	to	ADP
emaj-242	167	8	the	the	DET
emaj-242	167	9	basic	basic	ADJ
emaj-242	167	10	model	model	NOUN
emaj-242	167	11	,	,	PUNCT
emaj-242	167	12	its	its	PRON
emaj-242	167	13	iteration	iteration	NOUN
emaj-242	167	14	(	(	PUNCT
emaj-242	167	15	model	model	NOUN
emaj-242	167	16	1	1	NUM
emaj-242	167	17	)	)	PUNCT
emaj-242	167	18	was	be	AUX
emaj-242	167	19	established	establish	VERB
emaj-242	167	20	,	,	PUNCT
emaj-242	167	21	and	and	CCONJ
emaj-242	167	22	when	when	SCONJ
emaj-242	167	23	the	the	DET
emaj-242	167	24	results	result	NOUN
emaj-242	167	25	of	of	ADP
emaj-242	167	26	model	model	NOUN
emaj-242	167	27	1	1	NUM
emaj-242	167	28	were	be	AUX
emaj-242	167	29	examined	examine	VERB
emaj-242	167	30	,	,	PUNCT
emaj-242	167	31	the	the	DET
emaj-242	167	32	r2	r2	PROPN
emaj-242	167	33	value	value	NOUN
emaj-242	167	34	representing	represent	VERB
emaj-242	167	35	the	the	DET
emaj-242	167	36	independent	independent	ADJ
emaj-242	167	37	variables	variable	NOUN
emaj-242	167	38	’	'	PUNCT
emaj-242	167	39	explanatory	explanatory	ADJ
emaj-242	167	40	power	power	NOUN
emaj-242	167	41	for	for	ADP
emaj-242	167	42	the	the	DET
emaj-242	167	43	dependent	dependent	ADJ
emaj-242	167	44	variable	variable	NOUN
emaj-242	167	45	was	be	AUX
emaj-242	167	46	found	find	VERB
emaj-242	167	47	to	to	PART
emaj-242	167	48	be	be	AUX
emaj-242	167	49	0.6258	0.6258	NUM
emaj-242	167	50	.	.	PUNCT
emaj-242	168	1	the	the	DET
emaj-242	168	2	f	f	PROPN
emaj-242	168	3	statistic	statistic	NOUN
emaj-242	168	4	expressing	express	VERB
emaj-242	168	5	the	the	DET
emaj-242	168	6	general	general	ADJ
emaj-242	168	7	significance	significance	NOUN
emaj-242	168	8	of	of	ADP
emaj-242	168	9	the	the	DET
emaj-242	168	10	model	model	NOUN
emaj-242	168	11	was	be	AUX
emaj-242	168	12	8.52	8.52	NUM
emaj-242	168	13	and	and	CCONJ
emaj-242	168	14	there	there	PRON
emaj-242	168	15	was	be	VERB
emaj-242	168	16	thus	thus	ADV
emaj-242	168	17	no	no	DET
emaj-242	168	18	significant	significant	ADJ
emaj-242	168	19	change	change	NOUN
emaj-242	168	20	in	in	ADP
emaj-242	168	21	terms	term	NOUN
emaj-242	168	22	of	of	ADP
emaj-242	168	23	the	the	DET
emaj-242	168	24	explanatory	explanatory	ADJ
emaj-242	168	25	power	power	NOUN
emaj-242	168	26	of	of	ADP
emaj-242	168	27	the	the	DET
emaj-242	168	28	variables	variable	NOUN
emaj-242	168	29	and	and	CCONJ
emaj-242	168	30	the	the	DET
emaj-242	168	31	significance	significance	NOUN
emaj-242	168	32	of	of	ADP
emaj-242	168	33	the	the	DET
emaj-242	168	34	model	model	NOUN
emaj-242	168	35	.	.	PUNCT
emaj-242	169	1	according	accord	VERB
emaj-242	169	2	to	to	ADP
emaj-242	169	3	the	the	DET
emaj-242	169	4	results	result	NOUN
emaj-242	169	5	of	of	ADP
emaj-242	169	6	model	model	NOUN
emaj-242	169	7	1	1	NUM
emaj-242	169	8	,	,	PUNCT
emaj-242	169	9	the	the	DET
emaj-242	169	10	variables	variable	NOUN
emaj-242	169	11	of	of	ADP
emaj-242	169	12	current	current	ADJ
emaj-242	169	13	ratio	ratio	NOUN
emaj-242	169	14	,	,	PUNCT
emaj-242	169	15	leverage	leverage	NOUN
emaj-242	169	16	ratio	ratio	NOUN
emaj-242	169	17	,	,	PUNCT
emaj-242	169	18	and	and	CCONJ
emaj-242	169	19	asset	asset	NOUN
emaj-242	169	20	turnover	turnover	NOUN
emaj-242	169	21	positively	positively	ADV
emaj-242	169	22	affect	affect	VERB
emaj-242	169	23	the	the	DET
emaj-242	169	24	dependent	dependent	ADJ
emaj-242	169	25	variable	variable	NOUN
emaj-242	169	26	of	of	ADP
emaj-242	169	27	stock	stock	NOUN
emaj-242	169	28	price	price	NOUN
emaj-242	169	29	at	at	ADP
emaj-242	169	30	the	the	DET
emaj-242	169	31	1	1	NUM
emaj-242	169	32	per	per	NOUN
emaj-242	169	33	cent	cent	NOUN
emaj-242	169	34	significance	significance	NOUN
emaj-242	169	35	level	level	NOUN
emaj-242	169	36	.	.	PUNCT
emaj-242	170	1	the	the	DET
emaj-242	170	2	variables	variable	NOUN
emaj-242	170	3	of	of	ADP
emaj-242	170	4	debt	debt	NOUN
emaj-242	170	5	turnover	turnover	NOUN
emaj-242	170	6	rate	rate	NOUN
emaj-242	170	7	,	,	PUNCT
emaj-242	170	8	maturity	maturity	NOUN
emaj-242	170	9	structure	structure	NOUN
emaj-242	170	10	of	of	ADP
emaj-242	170	11	liabilities	liability	NOUN
emaj-242	170	12	,	,	PUNCT
emaj-242	170	13	average	average	ADJ
emaj-242	170	14	collection	collection	NOUN
emaj-242	170	15	period	period	NOUN
emaj-242	170	16	of	of	ADP
emaj-242	170	17	receivables	receivables	NOUN
emaj-242	170	18	,	,	PUNCT
emaj-242	170	19	and	and	CCONJ
emaj-242	170	20	liquidity	liquidity	NOUN
emaj-242	170	21	ratio	ratio	NOUN
emaj-242	170	22	,	,	PUNCT
emaj-242	170	23	on	on	ADP
emaj-242	170	24	the	the	DET
emaj-242	170	25	other	other	ADJ
emaj-242	170	26	hand	hand	NOUN
emaj-242	170	27	,	,	PUNCT
emaj-242	170	28	negatively	negatively	ADV
emaj-242	170	29	affect	affect	VERB
emaj-242	170	30	stock	stock	NOUN
emaj-242	170	31	price	price	NOUN
emaj-242	170	32	at	at	ADP
emaj-242	170	33	the	the	DET
emaj-242	170	34	1	1	NUM
emaj-242	170	35	per	per	NOUN
emaj-242	170	36	cent	cent	NOUN
emaj-242	170	37	significance	significance	NOUN
emaj-242	170	38	level	level	NOUN
emaj-242	170	39	.	.	PUNCT
emaj-242	171	1	thus	thus	ADV
emaj-242	171	2	,	,	PUNCT
emaj-242	171	3	current	current	ADJ
emaj-242	171	4	ratio	ratio	NOUN
emaj-242	171	5	,	,	PUNCT
emaj-242	171	6	leverage	leverage	NOUN
emaj-242	171	7	ratio	ratio	NOUN
emaj-242	171	8	,	,	PUNCT
emaj-242	171	9	and	and	CCONJ
emaj-242	171	10	asset	asset	NOUN
emaj-242	171	11	turnover	turnover	NOUN
emaj-242	171	12	ratio	ratio	NOUN
emaj-242	171	13	positively	positively	ADV
emaj-242	171	14	affect	affect	VERB
emaj-242	171	15	the	the	DET
emaj-242	171	16	stock	stock	NOUN
emaj-242	171	17	prices	price	NOUN
emaj-242	171	18	of	of	ADP
emaj-242	171	19	automotive	automotive	ADJ
emaj-242	171	20	companies	company	NOUN
emaj-242	171	21	traded	trade	VERB
emaj-242	171	22	in	in	ADP
emaj-242	171	23	the	the	DET
emaj-242	171	24	stock	stock	NOUN
emaj-242	171	25	market	market	NOUN
emaj-242	171	26	in	in	ADP
emaj-242	171	27	turkey	turkey	PROPN
emaj-242	171	28	.	.	PUNCT
emaj-242	172	1	increases	increase	NOUN
emaj-242	172	2	in	in	ADP
emaj-242	172	3	the	the	DET
emaj-242	172	4	values	value	NOUN
emaj-242	172	5	of	of	ADP
emaj-242	172	6	these	these	DET
emaj-242	172	7	ratios	ratio	NOUN
emaj-242	172	8	are	be	AUX
emaj-242	172	9	reflected	reflect	VERB
emaj-242	172	10	in	in	ADP
emaj-242	172	11	the	the	DET
emaj-242	172	12	rising	rise	VERB
emaj-242	172	13	prices	price	NOUN
emaj-242	172	14	of	of	ADP
emaj-242	172	15	stocks	stock	NOUN
emaj-242	172	16	.	.	PUNCT
emaj-242	173	1	these	these	DET
emaj-242	173	2	results	result	NOUN
emaj-242	173	3	are	be	AUX
emaj-242	173	4	in	in	ADP
emaj-242	173	5	line	line	NOUN
emaj-242	173	6	with	with	ADP
emaj-242	173	7	most	most	ADJ
emaj-242	173	8	other	other	ADJ
emaj-242	173	9	studies	study	NOUN
emaj-242	173	10	in	in	ADP
emaj-242	173	11	the	the	DET
emaj-242	173	12	relevant	relevant	ADJ
emaj-242	173	13	literature	literature	NOUN
emaj-242	173	14	reporting	report	VERB
emaj-242	173	15	positive	positive	ADJ
emaj-242	173	16	relationships	relationship	NOUN
emaj-242	173	17	between	between	ADP
emaj-242	173	18	stock	stock	NOUN
emaj-242	173	19	price	price	NOUN
emaj-242	173	20	and	and	CCONJ
emaj-242	173	21	current	current	ADJ
emaj-242	173	22	ratio	ratio	NOUN
emaj-242	173	23	(	(	PUNCT
emaj-242	173	24	alexakis	alexakis	PROPN
emaj-242	173	25	,	,	PUNCT
emaj-242	173	26	patra	patra	PROPN
emaj-242	173	27	,	,	PUNCT
emaj-242	173	28	and	and	CCONJ
emaj-242	173	29	poshakwale	poshakwale	NOUN
emaj-242	173	30	,	,	PUNCT
emaj-242	173	31	2010	2010	NUM
emaj-242	173	32	;	;	PUNCT
emaj-242	173	33	aydemir	aydemir	PROPN
emaj-242	173	34	,	,	PUNCT
emaj-242	173	35	serdar	serdar	PROPN
emaj-242	173	36	,	,	PUNCT
emaj-242	173	37	and	and	CCONJ
emaj-242	173	38	demirtaş	demirtaş	NOUN
emaj-242	173	39	,	,	PUNCT
emaj-242	173	40	2012	2012	NUM
emaj-242	173	41	;	;	PUNCT
emaj-242	173	42	birgili	birgili	NOUN
emaj-242	173	43	and	and	CCONJ
emaj-242	173	44	düzer	düzer	NOUN
emaj-242	173	45	,	,	PUNCT
emaj-242	173	46	2010	2010	NUM
emaj-242	173	47	;	;	PUNCT
emaj-242	173	48	gümüş	gümüş	NOUN
emaj-242	173	49	,	,	PUNCT
emaj-242	173	50	şakar	şakar	NOUN
emaj-242	173	51	,	,	PUNCT
emaj-242	173	52	akkın	akkın	NOUN
emaj-242	173	53	,	,	PUNCT
emaj-242	173	54	and	and	CCONJ
emaj-242	173	55	şahin	şahin	PROPN
emaj-242	173	56	,	,	PUNCT
emaj-242	173	57	2017	2017	NUM
emaj-242	173	58	;	;	PUNCT
emaj-242	173	59	yaman	yaman	PROPN
emaj-242	173	60	,	,	PUNCT
emaj-242	173	61	korkmaz	korkmaz	NOUN
emaj-242	173	62	,	,	PUNCT
emaj-242	173	63	and	and	CCONJ
emaj-242	173	64	açıkgöz	açıkgöz	PROPN
emaj-242	173	65	,	,	PUNCT
emaj-242	173	66	2017	2017	NUM
emaj-242	173	67	)	)	PUNCT
emaj-242	173	68	,	,	PUNCT
emaj-242	173	69	stock	stock	NOUN
emaj-242	173	70	price	price	NOUN
emaj-242	173	71	and	and	CCONJ
emaj-242	173	72	leverage	leverage	NOUN
emaj-242	173	73	ratio	ratio	NOUN
emaj-242	173	74	(	(	PUNCT
emaj-242	173	75	aydemir	aydemir	PROPN
emaj-242	173	76	,	,	PUNCT
emaj-242	173	77	et	et	PROPN
emaj-242	173	78	al	al	PROPN
emaj-242	173	79	.	.	PROPN
emaj-242	173	80	,	,	PUNCT
emaj-242	173	81	2012	2012	NUM
emaj-242	173	82	;	;	PUNCT
emaj-242	173	83	büyükşalvarcı	büyükşalvarcı	NOUN
emaj-242	173	84	,	,	PUNCT
emaj-242	173	85	2011	2011	NUM
emaj-242	173	86	;	;	PUNCT
emaj-242	173	87	dwi	dwi	PROPN
emaj-242	173	88	martani	martani	PROPN
emaj-242	173	89	and	and	CCONJ
emaj-242	173	90	khairurizka	khairurizka	PROPN
emaj-242	173	91	,	,	PUNCT
emaj-242	173	92	2009	2009	NUM
emaj-242	173	93	;	;	PUNCT
emaj-242	173	94	gümüş	gümüş	NOUN
emaj-242	173	95	,	,	PUNCT
emaj-242	173	96	et	et	PROPN
emaj-242	173	97	al	al	PROPN
emaj-242	173	98	.	.	PROPN
emaj-242	173	99	,	,	PUNCT
emaj-242	173	100	2017	2017	NUM
emaj-242	173	101	;	;	PUNCT
emaj-242	173	102	martikainen	martikainen	NOUN
emaj-242	173	103	,	,	PUNCT
emaj-242	173	104	1991	1991	NUM
emaj-242	173	105	)	)	PUNCT
emaj-242	173	106	,	,	PUNCT
emaj-242	173	107	and	and	CCONJ
emaj-242	173	108	stock	stock	NOUN
emaj-242	173	109	price	price	NOUN
emaj-242	173	110	and	and	CCONJ
emaj-242	173	111	asset	asset	NOUN
emaj-242	173	112	turnover	turnover	NOUN
emaj-242	173	113	ratio	ratio	NOUN
emaj-242	173	114	(	(	PUNCT
emaj-242	173	115	alexakis	alexakis	PROPN
emaj-242	173	116	,	,	PUNCT
emaj-242	173	117	et	et	PROPN
emaj-242	173	118	al	al	PROPN
emaj-242	173	119	.	.	PROPN
emaj-242	173	120	,	,	PUNCT
emaj-242	173	121	2010	2010	NUM
emaj-242	173	122	;	;	PUNCT
emaj-242	173	123	büyükşalvarcı	büyükşalvarcı	NOUN
emaj-242	173	124	,	,	PUNCT
emaj-242	173	125	2011	2011	NUM
emaj-242	173	126	;	;	PUNCT
emaj-242	173	127	gümüş	gümüş	NOUN
emaj-242	173	128	,	,	PUNCT
emaj-242	173	129	et	et	PROPN
emaj-242	173	130	al	al	PROPN
emaj-242	173	131	.	.	PROPN
emaj-242	173	132	,	,	PUNCT
emaj-242	173	133	2017	2017	NUM
emaj-242	173	134	;	;	PUNCT
emaj-242	173	135	oruç	oruç	NOUN
emaj-242	173	136	,	,	PUNCT
emaj-242	173	137	2009	2009	NUM
emaj-242	173	138	)	)	PUNCT
emaj-242	173	139	.	.	PUNCT
emaj-242	174	1	in	in	ADP
emaj-242	174	2	contrast	contrast	NOUN
emaj-242	174	3	,	,	PUNCT
emaj-242	174	4	it	it	PRON
emaj-242	174	5	has	have	AUX
emaj-242	174	6	been	be	AUX
emaj-242	174	7	confirmed	confirm	VERB
emaj-242	174	8	here	here	ADV
emaj-242	174	9	that	that	SCONJ
emaj-242	174	10	,	,	PUNCT
emaj-242	174	11	for	for	ADP
emaj-242	174	12	automotive	automotive	ADJ
emaj-242	174	13	companies	company	NOUN
emaj-242	174	14	traded	trade	VERB
emaj-242	174	15	in	in	ADP
emaj-242	174	16	the	the	DET
emaj-242	174	17	stock	stock	NOUN
emaj-242	174	18	market	market	NOUN
emaj-242	174	19	in	in	ADP
emaj-242	174	20	turkey	turkey	NOUN
emaj-242	174	21	,	,	PUNCT
emaj-242	174	22	debt	debt	NOUN
emaj-242	174	23	turnover	turnover	NOUN
emaj-242	174	24	rate	rate	NOUN
emaj-242	174	25	,	,	PUNCT
emaj-242	174	26	maturity	maturity	NOUN
emaj-242	174	27	structure	structure	NOUN
emaj-242	174	28	of	of	ADP
emaj-242	174	29	liabilities	liability	NOUN
emaj-242	174	30	,	,	PUNCT
emaj-242	174	31	collection	collection	NOUN
emaj-242	174	32	period	period	NOUN
emaj-242	174	33	of	of	ADP
emaj-242	174	34	receivables	receivables	NOUN
emaj-242	174	35	,	,	PUNCT
emaj-242	174	36	and	and	CCONJ
emaj-242	174	37	liquidity	liquidity	NOUN
emaj-242	174	38	ratio	ratio	NOUN
emaj-242	174	39	affect	affect	VERB
emaj-242	174	40	stock	stock	NOUN
emaj-242	174	41	prices	price	NOUN
emaj-242	174	42	negatively	negatively	ADV
emaj-242	174	43	.	.	PUNCT
emaj-242	175	1	decreases	decrease	NOUN
emaj-242	175	2	in	in	ADP
emaj-242	175	3	these	these	DET
emaj-242	175	4	ratios	ratio	NOUN
emaj-242	175	5	are	be	AUX
emaj-242	175	6	reflected	reflect	VERB
emaj-242	175	7	in	in	ADP
emaj-242	175	8	the	the	DET
emaj-242	175	9	fall	fall	NOUN
emaj-242	175	10	of	of	ADP
emaj-242	175	11	stock	stock	NOUN
emaj-242	175	12	prices	price	NOUN
emaj-242	175	13	.	.	PUNCT
emaj-242	176	1	these	these	DET
emaj-242	176	2	results	result	NOUN
emaj-242	176	3	are	be	AUX
emaj-242	176	4	in	in	ADP
emaj-242	176	5	line	line	NOUN
emaj-242	176	6	with	with	ADP
emaj-242	176	7	previous	previous	ADJ
emaj-242	176	8	findings	finding	NOUN
emaj-242	176	9	of	of	ADP
emaj-242	176	10	negative	negative	ADJ
emaj-242	176	11	relationships	relationship	NOUN
emaj-242	176	12	between	between	ADP
emaj-242	176	13	stock	stock	NOUN
emaj-242	176	14	price	price	NOUN
emaj-242	176	15	and	and	CCONJ
emaj-242	176	16	the	the	DET
emaj-242	176	17	liquidity	liquidity	NOUN
emaj-242	176	18	ratio	ratio	NOUN
emaj-242	176	19	and	and	CCONJ
emaj-242	176	20	maturity	maturity	NOUN
emaj-242	176	21	structure	structure	NOUN
emaj-242	176	22	of	of	ADP
emaj-242	176	23	the	the	DET
emaj-242	176	24	liabilities	liability	NOUN
emaj-242	176	25	(	(	PUNCT
emaj-242	176	26	birgili	birgili	NOUN
emaj-242	176	27	and	and	CCONJ
emaj-242	176	28	düzer	düzer	NOUN
emaj-242	176	29	,	,	PUNCT
emaj-242	176	30	2010	2010	NUM
emaj-242	176	31	)	)	PUNCT
emaj-242	176	32	and	and	CCONJ
emaj-242	176	33	between	between	ADP
emaj-242	176	34	stock	stock	NOUN
emaj-242	176	35	price	price	NOUN
emaj-242	176	36	and	and	CCONJ
emaj-242	176	37	the	the	DET
emaj-242	176	38	collection	collection	NOUN
emaj-242	176	39	period	period	NOUN
emaj-242	176	40	of	of	ADP
emaj-242	176	41	receivables	receivables	NOUN
emaj-242	176	42	(	(	PUNCT
emaj-242	176	43	gümüş	gümüş	PROPN
emaj-242	176	44	et	et	PROPN
emaj-242	176	45	al	al	PROPN
emaj-242	176	46	.	.	PROPN
emaj-242	176	47	,	,	PUNCT
emaj-242	176	48	2017	2017	NUM
emaj-242	176	49	)	)	PUNCT
emaj-242	176	50	.	.	PUNCT
emaj-242	177	1	volume	volume	NOUN
emaj-242	177	2	12	12	NUM
emaj-242	177	3	no	no	DET
emaj-242	177	4	1	1	NUM
emaj-242	177	5	(	(	PUNCT
emaj-242	177	6	2021	2021	NUM
emaj-242	177	7	)	)	PUNCT
emaj-242	177	8	|	|	ADV
emaj-242	177	9	issn	issn	VERB
emaj-242	177	10	2158	2158	NUM
emaj-242	177	11	-	-	SYM
emaj-242	177	12	8708	8708	NUM
emaj-242	177	13	(	(	PUNCT
emaj-242	177	14	online	online	NOUN
emaj-242	177	15	)	)	PUNCT
emaj-242	177	16	|	|	ADV
emaj-242	177	17	doi	doi	X
emaj-242	177	18	10.5195	10.5195	NUM
emaj-242	177	19	/	/	SYM
emaj-242	177	20	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	177	21	|	|	ADV
emaj-242	177	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-242	177	23	effects	effect	NOUN
emaj-242	177	24	of	of	ADP
emaj-242	177	25	changes	change	NOUN
emaj-242	177	26	in	in	ADP
emaj-242	177	27	financial	financial	ADJ
emaj-242	177	28	ratios	ratio	NOUN
emaj-242	177	29	of	of	ADP
emaj-242	177	30	companies	company	NOUN
emaj-242	177	31	on	on	ADP
emaj-242	177	32	the	the	DET
emaj-242	177	33	performance	performance	NOUN
emaj-242	177	34	of	of	ADP
emaj-242	177	35	stock	stock	NOUN
emaj-242	177	36	prices	price	NOUN
emaj-242	177	37	in	in	ADP
emaj-242	177	38	the	the	DET
emaj-242	177	39	exchange	exchange	NOUN
emaj-242	177	40	market	market	NOUN
emaj-242	177	41	:	:	PUNCT
emaj-242	177	42	the	the	DET
emaj-242	177	43	automotive	automotive	ADJ
emaj-242	177	44	sector	sector	NOUN
emaj-242	177	45	page	page	NOUN
emaj-242	177	46	|8|	|8|	NOUN
emaj-242	177	47	emerging	emerge	VERB
emaj-242	177	48	markets	market	NOUN
emaj-242	177	49	journal	journal	NOUN
emaj-242	177	50	table	table	NOUN
emaj-242	177	51	8	8	NUM
emaj-242	177	52	:	:	PUNCT
emaj-242	177	53	regression	regression	NOUN
emaj-242	177	54	models	model	NOUN
emaj-242	177	55	for	for	ADP
emaj-242	177	56	companies	company	NOUN
emaj-242	177	57	traded	trade	VERB
emaj-242	177	58	in	in	ADP
emaj-242	177	59	turkey	turkey	PROPN
emaj-242	177	60	source	source	NOUN
emaj-242	177	61	:	:	PUNCT
emaj-242	177	62	stata	stata	PROPN
emaj-242	177	63	software	software	NOUN
emaj-242	177	64	output	output	NOUN
emaj-242	177	65	*	*	PUNCT
emaj-242	177	66	:	:	PUNCT
emaj-242	177	67	statistics	statistic	NOUN
emaj-242	177	68	are	be	AUX
emaj-242	177	69	significant	significant	ADJ
emaj-242	177	70	at	at	ADP
emaj-242	177	71	the	the	DET
emaj-242	177	72	10	10	NUM
emaj-242	177	73	per	per	NOUN
emaj-242	177	74	cent	cent	NOUN
emaj-242	177	75	level	level	NOUN
emaj-242	177	76	of	of	ADP
emaj-242	177	77	significance	significance	NOUN
emaj-242	177	78	.	.	PUNCT
emaj-242	178	1	*	*	PUNCT
emaj-242	178	2	*	*	PUNCT
emaj-242	178	3	:	:	PUNCT
emaj-242	178	4	statistics	statistic	NOUN
emaj-242	178	5	are	be	AUX
emaj-242	178	6	significant	significant	ADJ
emaj-242	178	7	at	at	ADP
emaj-242	178	8	the	the	DET
emaj-242	178	9	5	5	NUM
emaj-242	178	10	per	per	NOUN
emaj-242	178	11	cent	cent	NOUN
emaj-242	178	12	level	level	NOUN
emaj-242	178	13	of	of	ADP
emaj-242	178	14	significance	significance	NOUN
emaj-242	178	15	.	.	PUNCT
emaj-242	179	1	*	*	PUNCT
emaj-242	179	2	*	*	PUNCT
emaj-242	179	3	*	*	PUNCT
emaj-242	179	4	:	:	PUNCT
emaj-242	179	5	statistics	statistic	NOUN
emaj-242	179	6	are	be	AUX
emaj-242	179	7	significant	significant	ADJ
emaj-242	179	8	at	at	ADP
emaj-242	179	9	the	the	DET
emaj-242	179	10	1	1	NUM
emaj-242	179	11	per	per	NOUN
emaj-242	179	12	cent	cent	NOUN
emaj-242	179	13	level	level	NOUN
emaj-242	179	14	of	of	ADP
emaj-242	179	15	significance	significance	NOUN
emaj-242	179	16	.	.	PUNCT
emaj-242	180	1	cur	cur	VERB
emaj-242	180	2	:	:	PUNCT
emaj-242	180	3	current	current	ADJ
emaj-242	180	4	ratio	ratio	NOUN
emaj-242	180	5	,	,	PUNCT
emaj-242	180	6	lvr	lvr	PROPN
emaj-242	180	7	:	:	PUNCT
emaj-242	180	8	leverage	leverage	NOUN
emaj-242	180	9	ratio	ratio	NOUN
emaj-242	180	10	,	,	PUNCT
emaj-242	180	11	dto	dto	PROPN
emaj-242	180	12	:	:	PUNCT
emaj-242	180	13	debt	debt	NOUN
emaj-242	180	14	turnover	turnover	NOUN
emaj-242	180	15	,	,	PUNCT
emaj-242	180	16	msl	msl	NOUN
emaj-242	180	17	:	:	PUNCT
emaj-242	180	18	maturity	maturity	NOUN
emaj-242	180	19	structure	structure	NOUN
emaj-242	180	20	of	of	ADP
emaj-242	180	21	liabilities	liability	NOUN
emaj-242	180	22	,	,	PUNCT
emaj-242	180	23	acr	acr	NOUN
emaj-242	180	24	:	:	PUNCT
emaj-242	180	25	average	average	ADJ
emaj-242	180	26	collection	collection	NOUN
emaj-242	180	27	period	period	NOUN
emaj-242	180	28	of	of	ADP
emaj-242	180	29	receivables	receivables	NOUN
emaj-242	180	30	,	,	PUNCT
emaj-242	180	31	atr	atr	PROPN
emaj-242	180	32	:	:	PUNCT
emaj-242	180	33	asset	asset	NOUN
emaj-242	180	34	turnover	turnover	NOUN
emaj-242	180	35	rate	rate	NOUN
emaj-242	180	36	,	,	PUNCT
emaj-242	180	37	lqr	lqr	PROPN
emaj-242	180	38	:	:	PUNCT
emaj-242	180	39	liquidity	liquidity	NOUN
emaj-242	180	40	ratio	ratio	NOUN
emaj-242	180	41	,	,	PUNCT
emaj-242	180	42	car	car	NOUN
emaj-242	180	43	:	:	PUNCT
emaj-242	180	44	cash	cash	NOUN
emaj-242	180	45	ratio	ratio	NOUN
emaj-242	180	46	,	,	PUNCT
emaj-242	180	47	npm	npm	PROPN
emaj-242	180	48	:	:	PUNCT
emaj-242	180	49	net	net	ADJ
emaj-242	180	50	profit	profit	NOUN
emaj-242	180	51	margin	margin	NOUN
emaj-242	180	52	,	,	PUNCT
emaj-242	180	53	roe	roe	NOUN
emaj-242	180	54	:	:	PUNCT
emaj-242	180	55	return	return	VERB
emaj-242	180	56	on	on	ADP
emaj-242	180	57	equity	equity	NOUN
emaj-242	180	58	,	,	PUNCT
emaj-242	180	59	roa	roa	PROPN
emaj-242	180	60	:	:	PUNCT
emaj-242	180	61	return	return	VERB
emaj-242	180	62	on	on	ADP
emaj-242	180	63	assets	asset	NOUN
emaj-242	180	64	,	,	PUNCT
emaj-242	180	65	asi	asi	ADJ
emaj-242	180	66	:	:	PUNCT
emaj-242	180	67	average	average	ADJ
emaj-242	180	68	sales	sale	NOUN
emaj-242	180	69	period	period	NOUN
emaj-242	180	70	of	of	ADP
emaj-242	180	71	inventory	inventory	NOUN
emaj-242	180	72	.	.	PUNCT
emaj-242	181	1	findings	finding	NOUN
emaj-242	181	2	for	for	ADP
emaj-242	181	3	companies	company	NOUN
emaj-242	181	4	traded	trade	VERB
emaj-242	181	5	in	in	ADP
emaj-242	181	6	other	other	ADJ
emaj-242	181	7	countries	country	NOUN
emaj-242	181	8	'	'	PART
emaj-242	181	9	stock	stock	NOUN
emaj-242	181	10	exchanges	exchange	NOUN
emaj-242	181	11	the	the	DET
emaj-242	181	12	following	follow	VERB
emaj-242	181	13	panel	panel	NOUN
emaj-242	181	14	regression	regression	NOUN
emaj-242	181	15	model	model	NOUN
emaj-242	181	16	was	be	AUX
emaj-242	181	17	established	establish	VERB
emaj-242	181	18	using	use	VERB
emaj-242	181	19	the	the	DET
emaj-242	181	20	common	common	ADJ
emaj-242	181	21	correlation	correlation	NOUN
emaj-242	181	22	effect	effect	NOUN
emaj-242	181	23	(	(	PUNCT
emaj-242	181	24	cce	cce	PROPN
emaj-242	181	25	)	)	PUNCT
emaj-242	181	26	estimator	estimator	NOUN
emaj-242	181	27	(	(	PUNCT
emaj-242	181	28	h.	h.	PROPN
emaj-242	181	29	pesaran	pesaran	PROPN
emaj-242	181	30	,	,	PUNCT
emaj-242	181	31	2006	2006	NUM
emaj-242	181	32	)	)	PUNCT
emaj-242	181	33	for	for	ADP
emaj-242	181	34	companies	company	NOUN
emaj-242	181	35	traded	trade	VERB
emaj-242	181	36	in	in	ADP
emaj-242	181	37	other	other	ADJ
emaj-242	181	38	countries	country	NOUN
emaj-242	181	39	'	'	PART
emaj-242	181	40	stock	stock	NOUN
emaj-242	181	41	exchanges	exchange	NOUN
emaj-242	181	42	:	:	PUNCT
emaj-242	181	43	priceit=	priceit=	VERB
emaj-242	181	44	αit	αit	NOUN
emaj-242	181	45	+	+	CCONJ
emaj-242	181	46	β1curit	β1curit	NOUN
emaj-242	181	47	+	+	CCONJ
emaj-242	181	48	β2lqrit	β2lqrit	PROPN
emaj-242	181	49	+	+	CCONJ
emaj-242	181	50	β3carit	β3carit	NOUN
emaj-242	181	51	+	+	CCONJ
emaj-242	181	52	β4lvrit	β4lvrit	ADV
emaj-242	181	53	+	+	CCONJ
emaj-242	181	54	β5dtoit	β5dtoit	ADV
emaj-242	182	1	+	+	CCONJ
emaj-242	182	2	β6mslit	β6mslit	ADJ
emaj-242	182	3	+	+	NUM
emaj-242	182	4	β7npmit	β7npmit	NOUN
emaj-242	182	5	+	+	CCONJ
emaj-242	182	6	β8roeit	β8roeit	ADJ
emaj-242	182	7	+	+	CCONJ
emaj-242	182	8	β9roait	β9roait	NOUN
emaj-242	182	9	+	+	CCONJ
emaj-242	182	10	β10acrit	β10acrit	NUM
emaj-242	182	11	+	+	CCONJ
emaj-242	182	12	β11asiit	β11asiit	PROPN
emaj-242	182	13	+	+	NUM
emaj-242	182	14	β12atrit	β12atrit	NOUN
emaj-242	182	15	+	+	CCONJ
emaj-242	182	16	uit	uit	NOUN
emaj-242	182	17	it	it	PRON
emaj-242	182	18	is	be	AUX
emaj-242	182	19	seen	see	VERB
emaj-242	182	20	here	here	ADV
emaj-242	182	21	that	that	SCONJ
emaj-242	182	22	the	the	DET
emaj-242	182	23	variables	variable	NOUN
emaj-242	182	24	of	of	ADP
emaj-242	182	25	liquidity	liquidity	NOUN
emaj-242	182	26	ratio	ratio	NOUN
emaj-242	182	27	,	,	PUNCT
emaj-242	182	28	cash	cash	NOUN
emaj-242	182	29	ratio	ratio	NOUN
emaj-242	182	30	,	,	PUNCT
emaj-242	182	31	leverage	leverage	NOUN
emaj-242	182	32	ratio	ratio	NOUN
emaj-242	182	33	,	,	PUNCT
emaj-242	182	34	net	net	ADJ
emaj-242	182	35	profit	profit	NOUN
emaj-242	182	36	margin	margin	NOUN
emaj-242	182	37	,	,	PUNCT
emaj-242	182	38	return	return	VERB
emaj-242	182	39	on	on	ADP
emaj-242	182	40	assets	asset	NOUN
emaj-242	182	41	,	,	PUNCT
emaj-242	182	42	average	average	ADJ
emaj-242	182	43	collection	collection	NOUN
emaj-242	182	44	period	period	NOUN
emaj-242	182	45	of	of	ADP
emaj-242	182	46	receivables	receivables	NOUN
emaj-242	182	47	,	,	PUNCT
emaj-242	182	48	and	and	CCONJ
emaj-242	182	49	average	average	ADJ
emaj-242	182	50	sales	sale	NOUN
emaj-242	182	51	period	period	NOUN
emaj-242	182	52	of	of	ADP
emaj-242	182	53	inventory	inventory	NOUN
emaj-242	182	54	give	give	VERB
emaj-242	182	55	statistically	statistically	ADV
emaj-242	182	56	significant	significant	ADJ
emaj-242	182	57	results	result	NOUN
emaj-242	182	58	,	,	PUNCT
emaj-242	182	59	while	while	SCONJ
emaj-242	182	60	the	the	DET
emaj-242	182	61	other	other	ADJ
emaj-242	182	62	considered	consider	VERB
emaj-242	182	63	variables	variable	NOUN
emaj-242	182	64	give	give	VERB
emaj-242	182	65	insignificant	insignificant	ADJ
emaj-242	182	66	results	result	NOUN
emaj-242	182	67	as	as	SCONJ
emaj-242	182	68	observed	observe	VERB
emaj-242	182	69	in	in	ADP
emaj-242	182	70	table	table	NOUN
emaj-242	182	71	9	9	NUM
emaj-242	182	72	.	.	PUNCT
emaj-242	183	1	the	the	DET
emaj-242	183	2	r2	r2	PROPN
emaj-242	183	3	value	value	NOUN
emaj-242	183	4	representing	represent	VERB
emaj-242	183	5	the	the	DET
emaj-242	183	6	explanatory	explanatory	ADJ
emaj-242	183	7	power	power	NOUN
emaj-242	183	8	of	of	ADP
emaj-242	183	9	the	the	DET
emaj-242	183	10	independent	independent	ADJ
emaj-242	183	11	variables	variable	NOUN
emaj-242	183	12	in	in	ADP
emaj-242	183	13	the	the	DET
emaj-242	183	14	model	model	NOUN
emaj-242	183	15	for	for	ADP
emaj-242	183	16	the	the	DET
emaj-242	183	17	dependent	dependent	ADJ
emaj-242	183	18	variable	variable	NOUN
emaj-242	183	19	is	be	AUX
emaj-242	183	20	0.5845	0.5845	NUM
emaj-242	183	21	,	,	PUNCT
emaj-242	183	22	while	while	SCONJ
emaj-242	183	23	the	the	DET
emaj-242	183	24	f	f	PROPN
emaj-242	183	25	statistic	statistic	NOUN
emaj-242	183	26	,	,	PUNCT
emaj-242	183	27	which	which	PRON
emaj-242	183	28	expresses	express	VERB
emaj-242	183	29	the	the	DET
emaj-242	183	30	general	general	ADJ
emaj-242	183	31	significance	significance	NOUN
emaj-242	183	32	of	of	ADP
emaj-242	183	33	the	the	DET
emaj-242	183	34	model	model	NOUN
emaj-242	183	35	,	,	PUNCT
emaj-242	183	36	is	be	AUX
emaj-242	183	37	5.32	5.32	NUM
emaj-242	183	38	.	.	PUNCT
emaj-242	184	1	the	the	DET
emaj-242	184	2	model	model	NOUN
emaj-242	184	3	was	be	AUX
emaj-242	184	4	reconstructed	reconstruct	VERB
emaj-242	184	5	with	with	ADP
emaj-242	184	6	these	these	DET
emaj-242	184	7	significant	significant	ADJ
emaj-242	184	8	variables	variable	NOUN
emaj-242	184	9	and	and	CCONJ
emaj-242	184	10	the	the	DET
emaj-242	184	11	basic	basic	ADJ
emaj-242	184	12	model	model	NOUN
emaj-242	184	13	was	be	AUX
emaj-242	184	14	thus	thus	ADV
emaj-242	184	15	created	create	VERB
emaj-242	184	16	.	.	PUNCT
emaj-242	185	1	by	by	ADP
emaj-242	185	2	adding	add	VERB
emaj-242	185	3	the	the	DET
emaj-242	185	4	independent	independent	ADJ
emaj-242	185	5	variable	variable	NOUN
emaj-242	185	6	of	of	ADP
emaj-242	185	7	current	current	ADJ
emaj-242	185	8	ratio	ratio	NOUN
emaj-242	185	9	to	to	ADP
emaj-242	185	10	the	the	DET
emaj-242	185	11	basic	basic	ADJ
emaj-242	185	12	model	model	NOUN
emaj-242	185	13	,	,	PUNCT
emaj-242	185	14	its	its	PRON
emaj-242	185	15	iteration	iteration	NOUN
emaj-242	185	16	was	be	AUX
emaj-242	185	17	established	establish	VERB
emaj-242	185	18	,	,	PUNCT
emaj-242	185	19	and	and	CCONJ
emaj-242	185	20	when	when	SCONJ
emaj-242	185	21	the	the	DET
emaj-242	185	22	results	result	NOUN
emaj-242	185	23	of	of	ADP
emaj-242	185	24	model	model	NOUN
emaj-242	185	25	1	1	NUM
emaj-242	185	26	were	be	AUX
emaj-242	185	27	examined	examine	VERB
emaj-242	185	28	,	,	PUNCT
emaj-242	185	29	the	the	DET
emaj-242	185	30	r2	r2	PROPN
emaj-242	185	31	value	value	NOUN
emaj-242	185	32	was	be	AUX
emaj-242	185	33	found	find	VERB
emaj-242	185	34	to	to	PART
emaj-242	185	35	be	be	AUX
emaj-242	185	36	0.5734	0.5734	NUM
emaj-242	185	37	and	and	CCONJ
emaj-242	185	38	the	the	DET
emaj-242	185	39	f	f	PROPN
emaj-242	185	40	statistic	statistic	NOUN
emaj-242	185	41	was	be	AUX
emaj-242	185	42	found	find	VERB
emaj-242	185	43	to	to	PART
emaj-242	185	44	be	be	AUX
emaj-242	185	45	5.55	5.55	NUM
emaj-242	185	46	.	.	PUNCT
emaj-242	186	1	thus	thus	ADV
emaj-242	186	2	,	,	PUNCT
emaj-242	186	3	there	there	PRON
emaj-242	186	4	was	be	VERB
emaj-242	186	5	change	change	NOUN
emaj-242	186	6	in	in	ADP
emaj-242	186	7	terms	term	NOUN
emaj-242	186	8	of	of	ADP
emaj-242	186	9	the	the	DET
emaj-242	186	10	explanatory	explanatory	ADJ
emaj-242	186	11	power	power	NOUN
emaj-242	186	12	of	of	ADP
emaj-242	186	13	the	the	DET
emaj-242	186	14	variables	variable	NOUN
emaj-242	186	15	or	or	CCONJ
emaj-242	186	16	the	the	DET
emaj-242	186	17	significance	significance	NOUN
emaj-242	186	18	of	of	ADP
emaj-242	186	19	the	the	DET
emaj-242	186	20	model	model	NOUN
emaj-242	186	21	.	.	PUNCT
emaj-242	187	1	according	accord	VERB
emaj-242	187	2	to	to	ADP
emaj-242	187	3	the	the	DET
emaj-242	187	4	results	result	NOUN
emaj-242	187	5	of	of	ADP
emaj-242	187	6	model	model	NOUN
emaj-242	187	7	1	1	NUM
emaj-242	187	8	,	,	PUNCT
emaj-242	187	9	the	the	DET
emaj-242	187	10	variables	variable	NOUN
emaj-242	187	11	of	of	ADP
emaj-242	187	12	liquidity	liquidity	NOUN
emaj-242	187	13	ratio	ratio	NOUN
emaj-242	187	14	,	,	PUNCT
emaj-242	187	15	net	net	ADJ
emaj-242	187	16	profit	profit	NOUN
emaj-242	187	17	margin	margin	NOUN
emaj-242	187	18	,	,	PUNCT
emaj-242	187	19	and	and	CCONJ
emaj-242	187	20	average	average	ADJ
emaj-242	187	21	sales	sale	NOUN
emaj-242	187	22	period	period	NOUN
emaj-242	187	23	of	of	ADP
emaj-242	187	24	inventory	inventory	NOUN
emaj-242	187	25	positively	positively	ADV
emaj-242	187	26	affect	affect	VERB
emaj-242	187	27	the	the	DET
emaj-242	187	28	dependent	dependent	ADJ
emaj-242	187	29	variable	variable	NOUN
emaj-242	187	30	of	of	ADP
emaj-242	187	31	stock	stock	NOUN
emaj-242	187	32	price	price	NOUN
emaj-242	187	33	at	at	ADP
emaj-242	187	34	the	the	DET
emaj-242	187	35	1	1	NUM
emaj-242	187	36	per	per	NOUN
emaj-242	187	37	cent	cent	NOUN
emaj-242	187	38	significance	significance	NOUN
emaj-242	187	39	level	level	NOUN
emaj-242	187	40	,	,	PUNCT
emaj-242	187	41	while	while	SCONJ
emaj-242	187	42	leverage	leverage	NOUN
emaj-242	187	43	ratio	ratio	NOUN
emaj-242	187	44	positively	positively	ADV
emaj-242	187	45	affects	affect	VERB
emaj-242	187	46	stock	stock	NOUN
emaj-242	187	47	price	price	NOUN
emaj-242	187	48	at	at	ADP
emaj-242	187	49	the	the	DET
emaj-242	187	50	5	5	NUM
emaj-242	187	51	per	per	NOUN
emaj-242	187	52	cent	cent	NOUN
emaj-242	187	53	significance	significance	NOUN
emaj-242	187	54	level	level	NOUN
emaj-242	187	55	.	.	PUNCT
emaj-242	188	1	cash	cash	NOUN
emaj-242	188	2	ratio	ratio	NOUN
emaj-242	188	3	and	and	CCONJ
emaj-242	188	4	average	average	ADJ
emaj-242	188	5	collection	collection	NOUN
emaj-242	188	6	period	period	NOUN
emaj-242	188	7	of	of	ADP
emaj-242	188	8	receivables	receivables	NOUN
emaj-242	188	9	negatively	negatively	ADV
emaj-242	188	10	affect	affect	VERB
emaj-242	188	11	the	the	DET
emaj-242	188	12	dependent	dependent	ADJ
emaj-242	188	13	variable	variable	NOUN
emaj-242	188	14	of	of	ADP
emaj-242	188	15	stock	stock	NOUN
emaj-242	188	16	price	price	NOUN
emaj-242	188	17	at	at	ADP
emaj-242	188	18	the	the	DET
emaj-242	188	19	1	1	NUM
emaj-242	188	20	per	per	NOUN
emaj-242	188	21	cent	cent	NOUN
emaj-242	188	22	significance	significance	NOUN
emaj-242	188	23	level	level	NOUN
emaj-242	188	24	,	,	PUNCT
emaj-242	188	25	while	while	SCONJ
emaj-242	188	26	return	return	VERB
emaj-242	188	27	on	on	ADP
emaj-242	188	28	assets	asset	NOUN
emaj-242	188	29	negatively	negatively	ADV
emaj-242	188	30	affects	affect	VERB
emaj-242	188	31	stock	stock	NOUN
emaj-242	188	32	price	price	NOUN
emaj-242	188	33	at	at	ADP
emaj-242	188	34	the	the	DET
emaj-242	188	35	10	10	NUM
emaj-242	188	36	per	per	NOUN
emaj-242	188	37	cent	cent	NOUN
emaj-242	188	38	significance	significance	NOUN
emaj-242	188	39	level	level	NOUN
emaj-242	188	40	.	.	PUNCT
emaj-242	189	1	the	the	DET
emaj-242	189	2	addition	addition	NOUN
emaj-242	189	3	of	of	ADP
emaj-242	189	4	the	the	DET
emaj-242	189	5	independent	independent	ADJ
emaj-242	189	6	variable	variable	NOUN
emaj-242	189	7	of	of	ADP
emaj-242	189	8	current	current	ADJ
emaj-242	189	9	ratio	ratio	NOUN
emaj-242	189	10	to	to	PART
emaj-242	189	11	model	model	VERB
emaj-242	189	12	1	1	NUM
emaj-242	189	13	for	for	ADP
emaj-242	189	14	iteration	iteration	NOUN
emaj-242	189	15	did	do	AUX
emaj-242	189	16	not	not	PART
emaj-242	189	17	yield	yield	VERB
emaj-242	189	18	statistically	statistically	ADV
emaj-242	189	19	significant	significant	ADJ
emaj-242	189	20	results	result	NOUN
emaj-242	189	21	.	.	PUNCT
emaj-242	190	1	according	accord	VERB
emaj-242	190	2	to	to	ADP
emaj-242	190	3	these	these	DET
emaj-242	190	4	findings	finding	NOUN
emaj-242	190	5	,	,	PUNCT
emaj-242	190	6	for	for	ADP
emaj-242	190	7	the	the	DET
emaj-242	190	8	automotive	automotive	ADJ
emaj-242	190	9	companies	company	NOUN
emaj-242	190	10	traded	trade	VERB
emaj-242	190	11	in	in	ADP
emaj-242	190	12	other	other	ADJ
emaj-242	190	13	countries	country	NOUN
emaj-242	190	14	’	'	PUNCT
emaj-242	190	15	stock	stock	NOUN
emaj-242	190	16	exchanges	exchange	NOUN
emaj-242	190	17	,	,	PUNCT
emaj-242	190	18	liquidity	liquidity	NOUN
emaj-242	190	19	ratio	ratio	NOUN
emaj-242	190	20	,	,	PUNCT
emaj-242	190	21	leverage	leverage	NOUN
emaj-242	190	22	ratio	ratio	NOUN
emaj-242	190	23	,	,	PUNCT
emaj-242	190	24	net	net	ADJ
emaj-242	190	25	profit	profit	NOUN
emaj-242	190	26	margin	margin	NOUN
emaj-242	190	27	,	,	PUNCT
emaj-242	190	28	and	and	CCONJ
emaj-242	190	29	average	average	ADJ
emaj-242	190	30	sales	sale	NOUN
emaj-242	190	31	period	period	NOUN
emaj-242	190	32	of	of	ADP
emaj-242	190	33	inventory	inventory	NOUN
emaj-242	190	34	affect	affect	VERB
emaj-242	190	35	stock	stock	NOUN
emaj-242	190	36	prices	price	NOUN
emaj-242	190	37	positively	positively	ADV
emaj-242	190	38	.	.	PUNCT
emaj-242	191	1	an	an	DET
emaj-242	191	2	increase	increase	NOUN
emaj-242	191	3	in	in	ADP
emaj-242	191	4	these	these	DET
emaj-242	191	5	ratios	ratio	NOUN
emaj-242	191	6	is	be	AUX
emaj-242	191	7	reflected	reflect	VERB
emaj-242	191	8	in	in	ADP
emaj-242	191	9	rising	rise	VERB
emaj-242	191	10	prices	price	NOUN
emaj-242	191	11	of	of	ADP
emaj-242	191	12	stocks	stock	NOUN
emaj-242	191	13	.	.	PUNCT
emaj-242	192	1	these	these	DET
emaj-242	192	2	results	result	NOUN
emaj-242	192	3	are	be	AUX
emaj-242	192	4	in	in	ADP
emaj-242	192	5	line	line	NOUN
emaj-242	192	6	with	with	ADP
emaj-242	192	7	the	the	DET
emaj-242	192	8	results	result	NOUN
emaj-242	192	9	of	of	ADP
emaj-242	192	10	most	most	ADJ
emaj-242	192	11	studies	study	NOUN
emaj-242	192	12	in	in	ADP
emaj-242	192	13	the	the	DET
emaj-242	192	14	related	relate	VERB
emaj-242	192	15	literature	literature	NOUN
emaj-242	192	16	reporting	report	VERB
emaj-242	192	17	that	that	SCONJ
emaj-242	192	18	stock	stock	NOUN
emaj-242	192	19	price	price	NOUN
emaj-242	192	20	is	be	AUX
emaj-242	192	21	positively	positively	ADV
emaj-242	192	22	associated	associate	VERB
emaj-242	192	23	with	with	ADP
emaj-242	192	24	liquidity	liquidity	NOUN
emaj-242	192	25	ratio	ratio	NOUN
emaj-242	192	26	(	(	PUNCT
emaj-242	192	27	aktas	akta	NOUN
emaj-242	192	28	,	,	PUNCT
emaj-242	192	29	2009	2009	NUM
emaj-242	192	30	;	;	PUNCT
emaj-242	192	31	aydemir	aydemir	PROPN
emaj-242	192	32	,	,	PUNCT
emaj-242	192	33	et	et	PROPN
emaj-242	192	34	al	al	PROPN
emaj-242	192	35	.	.	PROPN
emaj-242	192	36	,	,	PUNCT
emaj-242	192	37	2012	2012	NUM
emaj-242	192	38	;	;	PUNCT
emaj-242	192	39	ayrıçay	ayrıçay	NOUN
emaj-242	192	40	and	and	CCONJ
emaj-242	192	41	eren	eren	PROPN
emaj-242	192	42	,	,	PUNCT
emaj-242	192	43	2014	2014	NUM
emaj-242	192	44	;	;	PUNCT
emaj-242	192	45	güngör	güngör	NOUN
emaj-242	192	46	and	and	CCONJ
emaj-242	192	47	kaygın	kaygın	PROPN
emaj-242	192	48	,	,	PUNCT
emaj-242	192	49	2015	2015	NUM
emaj-242	192	50	)	)	PUNCT
emaj-242	192	51	,	,	PUNCT
emaj-242	192	52	leverage	leverage	NOUN
emaj-242	192	53	ratio	ratio	NOUN
emaj-242	192	54	(	(	PUNCT
emaj-242	192	55	aydemir	aydemir	PROPN
emaj-242	192	56	et	et	PROPN
emaj-242	192	57	al	al	PROPN
emaj-242	192	58	.	.	PROPN
emaj-242	192	59	,	,	PUNCT
emaj-242	192	60	2012	2012	NUM
emaj-242	192	61	;	;	PUNCT
emaj-242	192	62	büyükşalvarcı	büyükşalvarcı	NOUN
emaj-242	192	63	,	,	PUNCT
emaj-242	192	64	2011	2011	NUM
emaj-242	192	65	;	;	PUNCT
emaj-242	192	66	dwi	dwi	PROPN
emaj-242	192	67	martani	martani	PROPN
emaj-242	192	68	&	&	CCONJ
emaj-242	192	69	khairurizka	khairurizka	PROPN
emaj-242	192	70	,	,	PUNCT
emaj-242	192	71	2009	2009	NUM
emaj-242	192	72	;	;	PUNCT
emaj-242	192	73	gümüş	gümüş	PROPN
emaj-242	192	74	et	et	PROPN
emaj-242	192	75	al	al	PROPN
emaj-242	192	76	.	.	PROPN
emaj-242	192	77	,	,	PUNCT
emaj-242	192	78	2017	2017	NUM
emaj-242	192	79	;	;	PUNCT
emaj-242	192	80	martikainen	martikainen	NOUN
emaj-242	192	81	,	,	PUNCT
emaj-242	192	82	1991	1991	NUM
emaj-242	192	83	)	)	PUNCT
emaj-242	192	84	,	,	PUNCT
emaj-242	192	85	and	and	CCONJ
emaj-242	192	86	net	net	ADJ
emaj-242	192	87	profit	profit	NOUN
emaj-242	192	88	margin	margin	NOUN
emaj-242	192	89	(	(	PUNCT
emaj-242	192	90	aktas	akta	NOUN
emaj-242	192	91	,	,	PUNCT
emaj-242	192	92	2009	2009	NUM
emaj-242	192	93	;	;	PUNCT
emaj-242	192	94	aydemir	aydemir	PROPN
emaj-242	192	95	,	,	PUNCT
emaj-242	192	96	et	et	PROPN
emaj-242	192	97	al	al	PROPN
emaj-242	192	98	.	.	PROPN
emaj-242	192	99	,	,	PUNCT
emaj-242	192	100	2012	2012	NUM
emaj-242	192	101	;	;	PUNCT
emaj-242	192	102	dwi	dwi	PROPN
emaj-242	192	103	martani	martani	PROPN
emaj-242	192	104	and	and	CCONJ
emaj-242	192	105	khairurizka	khairurizka	PROPN
emaj-242	192	106	,	,	PUNCT
emaj-242	192	107	2009	2009	NUM
emaj-242	192	108	;	;	PUNCT
emaj-242	192	109	gümüş	gümüş	NOUN
emaj-242	192	110	,	,	PUNCT
emaj-242	192	111	et	et	PROPN
emaj-242	192	112	al	al	PROPN
emaj-242	192	113	.	.	PROPN
emaj-242	192	114	,	,	PUNCT
emaj-242	192	115	2017	2017	NUM
emaj-242	192	116	;	;	PUNCT
emaj-242	192	117	kalaycı	kalaycı	PROPN
emaj-242	192	118	and	and	CCONJ
emaj-242	192	119	karataş	karataş	NOUN
emaj-242	192	120	,	,	PUNCT
emaj-242	192	121	2005	2005	NUM
emaj-242	192	122	)	)	PUNCT
emaj-242	192	123	.	.	PUNCT
emaj-242	193	1	in	in	ADP
emaj-242	193	2	contrast	contrast	NOUN
emaj-242	193	3	,	,	PUNCT
emaj-242	193	4	cash	cash	NOUN
emaj-242	193	5	ratio	ratio	NOUN
emaj-242	193	6	,	,	PUNCT
emaj-242	193	7	return	return	VERB
emaj-242	193	8	on	on	ADP
emaj-242	193	9	assets	asset	NOUN
emaj-242	193	10	,	,	PUNCT
emaj-242	193	11	and	and	CCONJ
emaj-242	193	12	average	average	ADJ
emaj-242	193	13	collection	collection	NOUN
emaj-242	193	14	period	period	NOUN
emaj-242	193	15	of	of	ADP
emaj-242	193	16	receivables	receivable	NOUN
emaj-242	193	17	affect	affect	VERB
emaj-242	193	18	stock	stock	NOUN
emaj-242	193	19	prices	price	NOUN
emaj-242	193	20	negatively	negatively	ADV
emaj-242	193	21	among	among	ADP
emaj-242	193	22	automotive	automotive	ADJ
emaj-242	193	23	companies	company	NOUN
emaj-242	193	24	traded	trade	VERB
emaj-242	193	25	in	in	ADP
emaj-242	193	26	other	other	ADJ
emaj-242	193	27	countries	country	NOUN
emaj-242	193	28	’	'	PUNCT
emaj-242	193	29	stock	stock	NOUN
emaj-242	193	30	exchanges	exchange	NOUN
emaj-242	193	31	.	.	PUNCT
emaj-242	194	1	decreases	decrease	NOUN
emaj-242	194	2	in	in	ADP
emaj-242	194	3	these	these	DET
emaj-242	194	4	ratios	ratio	NOUN
emaj-242	194	5	are	be	AUX
emaj-242	194	6	reflected	reflect	VERB
emaj-242	194	7	in	in	ADP
emaj-242	194	8	falling	fall	VERB
emaj-242	194	9	stock	stock	NOUN
emaj-242	194	10	prices	price	NOUN
emaj-242	194	11	.	.	PUNCT
emaj-242	195	1	these	these	DET
emaj-242	195	2	results	result	NOUN
emaj-242	195	3	support	support	VERB
emaj-242	195	4	the	the	DET
emaj-242	195	5	findings	finding	NOUN
emaj-242	195	6	of	of	ADP
emaj-242	195	7	other	other	ADJ
emaj-242	195	8	studies	study	NOUN
emaj-242	195	9	in	in	ADP
emaj-242	195	10	the	the	DET
emaj-242	195	11	literature	literature	NOUN
emaj-242	195	12	of	of	ADP
emaj-242	195	13	negative	negative	ADJ
emaj-242	195	14	correlations	correlation	NOUN
emaj-242	195	15	between	between	ADP
emaj-242	195	16	stock	stock	NOUN
emaj-242	195	17	price	price	NOUN
emaj-242	195	18	and	and	CCONJ
emaj-242	195	19	cash	cash	NOUN
emaj-242	195	20	ratio	ratio	NOUN
emaj-242	195	21	(	(	PUNCT
emaj-242	195	22	büyükşalvarcı	büyükşalvarcı	NOUN
emaj-242	195	23	,	,	PUNCT
emaj-242	195	24	2010	2010	NUM
emaj-242	195	25	;	;	PUNCT
emaj-242	195	26	gümüş	gümüş	PROPN
emaj-242	195	27	et	et	PROPN
emaj-242	195	28	al	al	PROPN
emaj-242	195	29	.	.	PROPN
emaj-242	195	30	,	,	PUNCT
emaj-242	195	31	2017	2017	NUM
emaj-242	195	32	)	)	PUNCT
emaj-242	195	33	and	and	CCONJ
emaj-242	195	34	stock	stock	NOUN
emaj-242	195	35	price	price	NOUN
emaj-242	195	36	and	and	CCONJ
emaj-242	195	37	collection	collection	NOUN
emaj-242	195	38	period	period	NOUN
emaj-242	195	39	of	of	ADP
emaj-242	195	40	receivables	receivables	NOUN
emaj-242	195	41	(	(	PUNCT
emaj-242	195	42	gümüş	gümüş	PROPN
emaj-242	195	43	et	et	PROPN
emaj-242	195	44	al	al	PROPN
emaj-242	195	45	.	.	PROPN
emaj-242	195	46	,	,	PUNCT
emaj-242	195	47	2017	2017	NUM
emaj-242	195	48	)	)	PUNCT
emaj-242	195	49	.	.	PUNCT
emaj-242	196	1	volume	volume	NOUN
emaj-242	196	2	12	12	NUM
emaj-242	196	3	no	no	DET
emaj-242	196	4	1	1	NUM
emaj-242	196	5	(	(	PUNCT
emaj-242	196	6	2022	2022	NUM
emaj-242	196	7	)	)	PUNCT
emaj-242	196	8	|	|	ADV
emaj-242	196	9	issn	issn	VERB
emaj-242	196	10	2158	2158	NUM
emaj-242	196	11	-	-	SYM
emaj-242	196	12	8708	8708	NUM
emaj-242	196	13	(	(	PUNCT
emaj-242	196	14	online	online	NOUN
emaj-242	196	15	)	)	PUNCT
emaj-242	196	16	|	|	ADV
emaj-242	196	17	doi	doi	X
emaj-242	196	18	10.5195	10.5195	NUM
emaj-242	196	19	/	/	SYM
emaj-242	196	20	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	196	21	|	|	ADV
emaj-242	196	22	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-242	196	23	nurten	nurten	PROPN
emaj-242	196	24	dönmez	dönmez	NOUN
emaj-242	196	25	,	,	PUNCT
emaj-242	196	26	turgut	turgut	VERB
emaj-242	196	27	özkan	özkan	VERB
emaj-242	196	28	emerging	emerge	VERB
emaj-242	196	29	markets	market	NOUN
emaj-242	196	30	journal	journal	NOUN
emaj-242	197	1	|	|	ADV
emaj-242	197	2	p	p	NOUN
emaj-242	197	3	a	a	DET
emaj-242	197	4	g	g	NOUN
emaj-242	197	5	e	e	NOUN
emaj-242	197	6	9	9	NUM
emaj-242	197	7	table	table	NOUN
emaj-242	197	8	9	9	NUM
emaj-242	197	9	:	:	PUNCT
emaj-242	197	10	regression	regression	NOUN
emaj-242	197	11	models	model	NOUN
emaj-242	197	12	for	for	ADP
emaj-242	197	13	companies	company	NOUN
emaj-242	197	14	traded	trade	VERB
emaj-242	197	15	in	in	ADP
emaj-242	197	16	other	other	ADJ
emaj-242	197	17	countries	country	NOUN
emaj-242	197	18	’	'	PUNCT
emaj-242	197	19	stock	stock	NOUN
emaj-242	197	20	exchanges	exchange	NOUN
emaj-242	197	21	source	source	NOUN
emaj-242	197	22	:	:	PUNCT
emaj-242	197	23	stata	stata	PROPN
emaj-242	197	24	software	software	NOUN
emaj-242	197	25	output	output	NOUN
emaj-242	197	26	*	*	PUNCT
emaj-242	197	27	:	:	PUNCT
emaj-242	197	28	statistics	statistic	NOUN
emaj-242	197	29	are	be	AUX
emaj-242	197	30	significant	significant	ADJ
emaj-242	197	31	at	at	ADP
emaj-242	197	32	the	the	DET
emaj-242	197	33	10	10	NUM
emaj-242	197	34	per	per	NOUN
emaj-242	197	35	cent	cent	NOUN
emaj-242	197	36	level	level	NOUN
emaj-242	197	37	of	of	ADP
emaj-242	197	38	significance	significance	NOUN
emaj-242	197	39	.	.	PUNCT
emaj-242	198	1	*	*	PUNCT
emaj-242	198	2	*	*	PUNCT
emaj-242	198	3	:	:	PUNCT
emaj-242	198	4	statistics	statistic	NOUN
emaj-242	198	5	are	be	AUX
emaj-242	198	6	significant	significant	ADJ
emaj-242	198	7	at	at	ADP
emaj-242	198	8	the	the	DET
emaj-242	198	9	5	5	NUM
emaj-242	198	10	per	per	NOUN
emaj-242	198	11	cent	cent	NOUN
emaj-242	198	12	level	level	NOUN
emaj-242	198	13	of	of	ADP
emaj-242	198	14	significance	significance	NOUN
emaj-242	198	15	.	.	PUNCT
emaj-242	199	1	*	*	PUNCT
emaj-242	199	2	*	*	PUNCT
emaj-242	199	3	*	*	PUNCT
emaj-242	199	4	:	:	PUNCT
emaj-242	199	5	statistics	statistic	NOUN
emaj-242	199	6	are	be	AUX
emaj-242	199	7	significant	significant	ADJ
emaj-242	199	8	at	at	ADP
emaj-242	199	9	the	the	DET
emaj-242	199	10	1	1	NUM
emaj-242	199	11	per	per	NOUN
emaj-242	199	12	cent	cent	NOUN
emaj-242	199	13	level	level	NOUN
emaj-242	199	14	of	of	ADP
emaj-242	199	15	significance	significance	NOUN
emaj-242	199	16	.	.	PUNCT
emaj-242	200	1	lqr	lqr	NOUN
emaj-242	200	2	:	:	PUNCT
emaj-242	200	3	liquidity	liquidity	NOUN
emaj-242	200	4	ratio	ratio	NOUN
emaj-242	200	5	,	,	PUNCT
emaj-242	200	6	car	car	NOUN
emaj-242	200	7	:	:	PUNCT
emaj-242	200	8	cash	cash	NOUN
emaj-242	200	9	ratio	ratio	NOUN
emaj-242	200	10	,	,	PUNCT
emaj-242	200	11	lvr	lvr	PROPN
emaj-242	200	12	:	:	PUNCT
emaj-242	200	13	leverage	leverage	NOUN
emaj-242	200	14	ratio	ratio	NOUN
emaj-242	200	15	,	,	PUNCT
emaj-242	200	16	npm	npm	PROPN
emaj-242	200	17	:	:	PUNCT
emaj-242	200	18	net	net	ADJ
emaj-242	200	19	profit	profit	NOUN
emaj-242	200	20	margin	margin	NOUN
emaj-242	200	21	,	,	PUNCT
emaj-242	200	22	roa	roa	PROPN
emaj-242	200	23	:	:	PUNCT
emaj-242	200	24	return	return	VERB
emaj-242	200	25	on	on	ADP
emaj-242	200	26	assets	asset	NOUN
emaj-242	200	27	,	,	PUNCT
emaj-242	200	28	acr	acr	NOUN
emaj-242	200	29	:	:	PUNCT
emaj-242	200	30	average	average	ADJ
emaj-242	200	31	collection	collection	NOUN
emaj-242	200	32	period	period	NOUN
emaj-242	200	33	of	of	ADP
emaj-242	200	34	receivables	receivables	NOUN
emaj-242	200	35	,	,	PUNCT
emaj-242	200	36	asi	asi	ADJ
emaj-242	200	37	:	:	PUNCT
emaj-242	200	38	average	average	ADJ
emaj-242	200	39	sales	sale	NOUN
emaj-242	200	40	period	period	NOUN
emaj-242	200	41	of	of	ADP
emaj-242	200	42	inventory	inventory	NOUN
emaj-242	200	43	,	,	PUNCT
emaj-242	200	44	cur	cur	VERB
emaj-242	200	45	:	:	PUNCT
emaj-242	200	46	current	current	ADJ
emaj-242	200	47	ratio	ratio	NOUN
emaj-242	200	48	,	,	PUNCT
emaj-242	200	49	dto	dto	PROPN
emaj-242	200	50	:	:	PUNCT
emaj-242	200	51	debt	debt	NOUN
emaj-242	200	52	turnover	turnover	NOUN
emaj-242	200	53	,	,	PUNCT
emaj-242	200	54	msl	msl	NOUN
emaj-242	200	55	:	:	PUNCT
emaj-242	200	56	maturity	maturity	NOUN
emaj-242	200	57	structure	structure	NOUN
emaj-242	200	58	of	of	ADP
emaj-242	200	59	liabilities	liability	NOUN
emaj-242	200	60	,	,	PUNCT
emaj-242	200	61	roe	roe	NOUN
emaj-242	200	62	:	:	PUNCT
emaj-242	200	63	return	return	VERB
emaj-242	200	64	on	on	ADP
emaj-242	200	65	equity	equity	NOUN
emaj-242	200	66	,	,	PUNCT
emaj-242	200	67	atr	atr	PROPN
emaj-242	200	68	:	:	PUNCT
emaj-242	200	69	asset	asset	NOUN
emaj-242	200	70	turnover	turnover	NOUN
emaj-242	200	71	rate	rate	NOUN
emaj-242	200	72	.	.	PUNCT
emaj-242	201	1	findings	finding	NOUN
emaj-242	201	2	for	for	ADP
emaj-242	201	3	companies	company	NOUN
emaj-242	201	4	traded	trade	VERB
emaj-242	201	5	in	in	ADP
emaj-242	201	6	the	the	DET
emaj-242	201	7	bist	bist	NOUN
emaj-242	201	8	and	and	CCONJ
emaj-242	201	9	other	other	ADJ
emaj-242	201	10	countries	country	NOUN
emaj-242	201	11	’	'	PUNCT
emaj-242	201	12	stock	stock	NOUN
emaj-242	201	13	exchanges	exchange	NOUN
emaj-242	201	14	the	the	DET
emaj-242	201	15	current	current	ADJ
emaj-242	201	16	ratio	ratio	NOUN
emaj-242	201	17	,	,	PUNCT
emaj-242	201	18	which	which	PRON
emaj-242	201	19	positively	positively	ADV
emaj-242	201	20	affects	affect	VERB
emaj-242	201	21	stock	stock	NOUN
emaj-242	201	22	prices	price	NOUN
emaj-242	201	23	of	of	ADP
emaj-242	201	24	automotive	automotive	ADJ
emaj-242	201	25	companies	company	NOUN
emaj-242	201	26	traded	trade	VERB
emaj-242	201	27	in	in	ADP
emaj-242	201	28	the	the	DET
emaj-242	201	29	bist	bist	NOUN
emaj-242	201	30	,	,	PUNCT
emaj-242	201	31	reflects	reflect	VERB
emaj-242	201	32	the	the	DET
emaj-242	201	33	ability	ability	NOUN
emaj-242	201	34	of	of	ADP
emaj-242	201	35	companies	company	NOUN
emaj-242	201	36	to	to	PART
emaj-242	201	37	pay	pay	VERB
emaj-242	201	38	their	their	PRON
emaj-242	201	39	short	short	ADJ
emaj-242	201	40	-	-	PUNCT
emaj-242	201	41	term	term	NOUN
emaj-242	201	42	debts	debt	NOUN
emaj-242	201	43	with	with	ADP
emaj-242	201	44	their	their	PRON
emaj-242	201	45	current	current	ADJ
emaj-242	201	46	assets	asset	NOUN
emaj-242	201	47	.	.	PUNCT
emaj-242	202	1	in	in	ADP
emaj-242	202	2	countries	country	NOUN
emaj-242	202	3	with	with	ADP
emaj-242	202	4	high	high	ADJ
emaj-242	202	5	inflation	inflation	NOUN
emaj-242	202	6	,	,	PUNCT
emaj-242	202	7	due	due	ADP
emaj-242	202	8	to	to	ADP
emaj-242	202	9	the	the	DET
emaj-242	202	10	limited	limited	ADJ
emaj-242	202	11	and	and	CCONJ
emaj-242	202	12	costly	costly	ADJ
emaj-242	202	13	use	use	NOUN
emaj-242	202	14	of	of	ADP
emaj-242	202	15	long	long	ADJ
emaj-242	202	16	-	-	PUNCT
emaj-242	202	17	term	term	NOUN
emaj-242	202	18	financing	financing	NOUN
emaj-242	202	19	and	and	CCONJ
emaj-242	202	20	liabilities	liability	NOUN
emaj-242	202	21	from	from	ADP
emaj-242	202	22	capital	capital	NOUN
emaj-242	202	23	markets	market	NOUN
emaj-242	202	24	together	together	ADV
emaj-242	202	25	with	with	ADP
emaj-242	202	26	the	the	DET
emaj-242	202	27	high	high	ADJ
emaj-242	202	28	need	need	NOUN
emaj-242	202	29	for	for	ADP
emaj-242	202	30	working	work	VERB
emaj-242	202	31	capital	capital	NOUN
emaj-242	202	32	as	as	ADP
emaj-242	202	33	a	a	DET
emaj-242	202	34	result	result	NOUN
emaj-242	202	35	of	of	ADP
emaj-242	202	36	the	the	DET
emaj-242	202	37	erosion	erosion	NOUN
emaj-242	202	38	of	of	ADP
emaj-242	202	39	financial	financial	ADJ
emaj-242	202	40	assets	asset	NOUN
emaj-242	202	41	,	,	PUNCT
emaj-242	202	42	it	it	PRON
emaj-242	202	43	is	be	AUX
emaj-242	202	44	reasonable	reasonable	ADJ
emaj-242	202	45	to	to	PART
emaj-242	202	46	expect	expect	VERB
emaj-242	202	47	that	that	SCONJ
emaj-242	202	48	the	the	DET
emaj-242	202	49	current	current	ADJ
emaj-242	202	50	ratio	ratio	NOUN
emaj-242	202	51	will	will	AUX
emaj-242	202	52	be	be	AUX
emaj-242	202	53	lower	low	ADJ
emaj-242	202	54	than	than	ADP
emaj-242	202	55	in	in	ADP
emaj-242	202	56	countries	country	NOUN
emaj-242	202	57	with	with	ADP
emaj-242	202	58	low	low	ADJ
emaj-242	202	59	inflation	inflation	NOUN
emaj-242	202	60	(	(	PUNCT
emaj-242	202	61	özkan	özkan	ADJ
emaj-242	202	62	,	,	PUNCT
emaj-242	202	63	2019	2019	NUM
emaj-242	202	64	:	:	PUNCT
emaj-242	202	65	266	266	NUM
emaj-242	202	66	)	)	PUNCT
emaj-242	202	67	.	.	PUNCT
emaj-242	203	1	however	however	ADV
emaj-242	203	2	,	,	PUNCT
emaj-242	203	3	in	in	ADP
emaj-242	203	4	evaluating	evaluate	VERB
emaj-242	203	5	this	this	DET
emaj-242	203	6	ratio	ratio	NOUN
emaj-242	203	7	,	,	PUNCT
emaj-242	203	8	instead	instead	ADV
emaj-242	203	9	of	of	ADP
emaj-242	203	10	merely	merely	ADV
emaj-242	203	11	considering	consider	VERB
emaj-242	203	12	high	high	ADJ
emaj-242	203	13	or	or	CCONJ
emaj-242	203	14	low	low	ADJ
emaj-242	203	15	levels	level	NOUN
emaj-242	203	16	,	,	PUNCT
emaj-242	203	17	the	the	DET
emaj-242	203	18	speed	speed	NOUN
emaj-242	203	19	of	of	ADP
emaj-242	203	20	conversion	conversion	NOUN
emaj-242	203	21	into	into	ADP
emaj-242	203	22	cash	cash	NOUN
emaj-242	203	23	to	to	PART
emaj-242	203	24	pay	pay	VERB
emaj-242	203	25	short	short	ADJ
emaj-242	203	26	-	-	PUNCT
emaj-242	203	27	term	term	NOUN
emaj-242	203	28	debts	debt	NOUN
emaj-242	203	29	with	with	ADP
emaj-242	203	30	current	current	ADJ
emaj-242	203	31	assets	asset	NOUN
emaj-242	203	32	when	when	SCONJ
emaj-242	203	33	necessary	necessary	ADJ
emaj-242	203	34	can	can	AUX
emaj-242	203	35	also	also	ADV
emaj-242	203	36	be	be	AUX
emaj-242	203	37	taken	take	VERB
emaj-242	203	38	into	into	ADP
emaj-242	203	39	account	account	NOUN
emaj-242	203	40	.	.	PUNCT
emaj-242	204	1	since	since	SCONJ
emaj-242	204	2	the	the	DET
emaj-242	204	3	asset	asset	NOUN
emaj-242	204	4	turnover	turnover	NOUN
emaj-242	204	5	ratio	ratio	NOUN
emaj-242	204	6	shows	show	VERB
emaj-242	204	7	how	how	SCONJ
emaj-242	204	8	effectively	effectively	ADV
emaj-242	204	9	a	a	DET
emaj-242	204	10	company	company	NOUN
emaj-242	204	11	uses	use	VERB
emaj-242	204	12	its	its	PRON
emaj-242	204	13	resources	resource	NOUN
emaj-242	204	14	,	,	PUNCT
emaj-242	204	15	this	this	DET
emaj-242	204	16	ratio	ratio	NOUN
emaj-242	204	17	,	,	PUNCT
emaj-242	204	18	which	which	PRON
emaj-242	204	19	positively	positively	ADV
emaj-242	204	20	affects	affect	VERB
emaj-242	204	21	stock	stock	NOUN
emaj-242	204	22	prices	price	NOUN
emaj-242	204	23	,	,	PUNCT
emaj-242	204	24	should	should	AUX
emaj-242	204	25	ideally	ideally	ADV
emaj-242	204	26	be	be	AUX
emaj-242	204	27	high	high	ADJ
emaj-242	204	28	.	.	PUNCT
emaj-242	205	1	the	the	DET
emaj-242	205	2	debt	debt	NOUN
emaj-242	205	3	turnover	turnover	NOUN
emaj-242	205	4	ratio	ratio	NOUN
emaj-242	205	5	,	,	PUNCT
emaj-242	205	6	which	which	PRON
emaj-242	205	7	negatively	negatively	ADV
emaj-242	205	8	affects	affect	VERB
emaj-242	205	9	stock	stock	NOUN
emaj-242	205	10	prices	price	NOUN
emaj-242	205	11	of	of	ADP
emaj-242	205	12	automotive	automotive	ADJ
emaj-242	205	13	companies	company	NOUN
emaj-242	205	14	traded	trade	VERB
emaj-242	205	15	in	in	ADP
emaj-242	205	16	the	the	DET
emaj-242	205	17	bist	bist	NOUN
emaj-242	205	18	,	,	PUNCT
emaj-242	205	19	reflects	reflect	VERB
emaj-242	205	20	the	the	DET
emaj-242	205	21	debt	debt	NOUN
emaj-242	205	22	payment	payment	NOUN
emaj-242	205	23	speed	speed	NOUN
emaj-242	205	24	of	of	ADP
emaj-242	205	25	a	a	DET
emaj-242	205	26	company	company	NOUN
emaj-242	205	27	.	.	PUNCT
emaj-242	206	1	liquidity	liquidity	NOUN
emaj-242	206	2	problems	problem	NOUN
emaj-242	206	3	may	may	AUX
emaj-242	206	4	arise	arise	VERB
emaj-242	206	5	if	if	SCONJ
emaj-242	206	6	a	a	DET
emaj-242	206	7	company	company	NOUN
emaj-242	206	8	makes	make	VERB
emaj-242	206	9	frequent	frequent	ADJ
emaj-242	206	10	payments	payment	NOUN
emaj-242	206	11	without	without	ADP
emaj-242	206	12	collection	collection	NOUN
emaj-242	206	13	.	.	PUNCT
emaj-242	207	1	therefore	therefore	ADV
emaj-242	207	2	,	,	PUNCT
emaj-242	207	3	when	when	SCONJ
emaj-242	207	4	evaluating	evaluate	VERB
emaj-242	207	5	this	this	DET
emaj-242	207	6	ratio	ratio	NOUN
emaj-242	207	7	,	,	PUNCT
emaj-242	207	8	it	it	PRON
emaj-242	207	9	may	may	AUX
emaj-242	207	10	be	be	AUX
emaj-242	207	11	more	more	ADV
emaj-242	207	12	meaningful	meaningful	ADJ
emaj-242	207	13	to	to	PART
emaj-242	207	14	evaluate	evaluate	VERB
emaj-242	207	15	the	the	DET
emaj-242	207	16	receivables	receivables	NOUN
emaj-242	207	17	together	together	ADV
emaj-242	207	18	with	with	ADP
emaj-242	207	19	the	the	DET
emaj-242	207	20	average	average	ADJ
emaj-242	207	21	collection	collection	NOUN
emaj-242	207	22	period	period	NOUN
emaj-242	207	23	.	.	PUNCT
emaj-242	208	1	the	the	DET
emaj-242	208	2	maturity	maturity	NOUN
emaj-242	208	3	structure	structure	NOUN
emaj-242	208	4	of	of	ADP
emaj-242	208	5	liabilities	liability	NOUN
emaj-242	208	6	ratio	ratio	NOUN
emaj-242	208	7	has	have	AUX
emaj-242	208	8	also	also	ADV
emaj-242	208	9	yielded	yield	VERB
emaj-242	208	10	important	important	ADJ
emaj-242	208	11	results	result	NOUN
emaj-242	208	12	as	as	ADP
emaj-242	208	13	one	one	NUM
emaj-242	208	14	of	of	ADP
emaj-242	208	15	the	the	DET
emaj-242	208	16	ratios	ratio	NOUN
emaj-242	208	17	negatively	negatively	ADV
emaj-242	208	18	affecting	affect	VERB
emaj-242	208	19	stock	stock	NOUN
emaj-242	208	20	prices	price	NOUN
emaj-242	208	21	of	of	ADP
emaj-242	208	22	automotive	automotive	ADJ
emaj-242	208	23	companies	company	NOUN
emaj-242	208	24	traded	trade	VERB
emaj-242	208	25	in	in	ADP
emaj-242	208	26	the	the	DET
emaj-242	208	27	bist	bist	NOUN
emaj-242	208	28	.	.	PUNCT
emaj-242	209	1	in	in	ADP
emaj-242	209	2	the	the	DET
emaj-242	209	3	use	use	NOUN
emaj-242	209	4	of	of	ADP
emaj-242	209	5	liabilities	liability	NOUN
emaj-242	209	6	,	,	PUNCT
emaj-242	209	7	the	the	DET
emaj-242	209	8	harmony	harmony	NOUN
emaj-242	209	9	of	of	ADP
emaj-242	209	10	their	their	PRON
emaj-242	209	11	maturity	maturity	NOUN
emaj-242	209	12	and	and	CCONJ
emaj-242	209	13	the	the	DET
emaj-242	209	14	maturity	maturity	NOUN
emaj-242	209	15	of	of	ADP
emaj-242	209	16	the	the	DET
emaj-242	209	17	area	area	NOUN
emaj-242	209	18	of	of	ADP
emaj-242	209	19	use	use	NOUN
emaj-242	209	20	must	must	AUX
emaj-242	209	21	be	be	AUX
emaj-242	209	22	considered	consider	VERB
emaj-242	209	23	.	.	PUNCT
emaj-242	210	1	in	in	ADP
emaj-242	210	2	other	other	ADJ
emaj-242	210	3	words	word	NOUN
emaj-242	210	4	,	,	PUNCT
emaj-242	210	5	the	the	DET
emaj-242	210	6	fact	fact	NOUN
emaj-242	210	7	that	that	SCONJ
emaj-242	210	8	long	long	ADJ
emaj-242	210	9	-	-	PUNCT
emaj-242	210	10	term	term	NOUN
emaj-242	210	11	investments	investment	NOUN
emaj-242	210	12	are	be	AUX
emaj-242	210	13	funded	fund	VERB
emaj-242	210	14	with	with	ADP
emaj-242	210	15	long	long	ADJ
emaj-242	210	16	-	-	PUNCT
emaj-242	210	17	term	term	NOUN
emaj-242	210	18	liabilities	liability	NOUN
emaj-242	210	19	is	be	AUX
emaj-242	210	20	substantial	substantial	ADJ
emaj-242	210	21	in	in	ADP
emaj-242	210	22	the	the	DET
emaj-242	210	23	sense	sense	NOUN
emaj-242	210	24	of	of	ADP
emaj-242	210	25	affecting	affect	VERB
emaj-242	210	26	the	the	DET
emaj-242	210	27	liquidity	liquidity	NOUN
emaj-242	210	28	of	of	ADP
emaj-242	210	29	the	the	DET
emaj-242	210	30	company	company	NOUN
emaj-242	210	31	.	.	PUNCT
emaj-242	211	1	since	since	SCONJ
emaj-242	211	2	the	the	DET
emaj-242	211	3	return	return	NOUN
emaj-242	211	4	of	of	ADP
emaj-242	211	5	a	a	DET
emaj-242	211	6	long	long	ADJ
emaj-242	211	7	-	-	PUNCT
emaj-242	211	8	term	term	NOUN
emaj-242	211	9	investment	investment	NOUN
emaj-242	211	10	funded	fund	VERB
emaj-242	211	11	by	by	ADP
emaj-242	211	12	short	short	ADJ
emaj-242	211	13	-	-	PUNCT
emaj-242	211	14	term	term	NOUN
emaj-242	211	15	resources	resource	NOUN
emaj-242	211	16	will	will	AUX
emaj-242	211	17	take	take	VERB
emaj-242	211	18	time	time	NOUN
emaj-242	211	19	,	,	PUNCT
emaj-242	211	20	the	the	DET
emaj-242	211	21	repayment	repayment	NOUN
emaj-242	211	22	of	of	ADP
emaj-242	211	23	the	the	DET
emaj-242	211	24	liability	liability	NOUN
emaj-242	211	25	may	may	AUX
emaj-242	211	26	cause	cause	VERB
emaj-242	211	27	liquidity	liquidity	NOUN
emaj-242	211	28	problems	problem	NOUN
emaj-242	211	29	.	.	PUNCT
emaj-242	212	1	while	while	SCONJ
emaj-242	212	2	evaluating	evaluate	VERB
emaj-242	212	3	this	this	DET
emaj-242	212	4	ratio	ratio	NOUN
emaj-242	212	5	,	,	PUNCT
emaj-242	212	6	in	in	ADP
emaj-242	212	7	addition	addition	NOUN
emaj-242	212	8	to	to	ADP
emaj-242	212	9	determining	determine	VERB
emaj-242	212	10	how	how	SCONJ
emaj-242	212	11	much	much	ADJ
emaj-242	212	12	short	short	ADJ
emaj-242	212	13	-	-	PUNCT
emaj-242	212	14	term	term	NOUN
emaj-242	212	15	debt	debt	NOUN
emaj-242	212	16	a	a	DET
emaj-242	212	17	company	company	NOUN
emaj-242	212	18	has	have	VERB
emaj-242	212	19	among	among	ADP
emaj-242	212	20	its	its	PRON
emaj-242	212	21	total	total	ADJ
emaj-242	212	22	debt	debt	NOUN
emaj-242	212	23	,	,	PUNCT
emaj-242	212	24	information	information	NOUN
emaj-242	212	25	about	about	ADP
emaj-242	212	26	the	the	DET
emaj-242	212	27	maturity	maturity	NOUN
emaj-242	212	28	of	of	ADP
emaj-242	212	29	projects	project	NOUN
emaj-242	212	30	can	can	AUX
emaj-242	212	31	help	help	VERB
emaj-242	212	32	to	to	PART
emaj-242	212	33	make	make	VERB
emaj-242	212	34	more	more	ADV
emaj-242	212	35	accurate	accurate	ADJ
emaj-242	212	36	decisions	decision	NOUN
emaj-242	212	37	in	in	ADP
emaj-242	212	38	terms	term	NOUN
emaj-242	212	39	of	of	ADP
emaj-242	212	40	investments	investment	NOUN
emaj-242	212	41	.	.	PUNCT
emaj-242	213	1	if	if	SCONJ
emaj-242	213	2	a	a	DET
emaj-242	213	3	company	company	NOUN
emaj-242	213	4	has	have	AUX
emaj-242	213	5	found	find	VERB
emaj-242	213	6	cost	cost	NOUN
emaj-242	213	7	-	-	PUNCT
emaj-242	213	8	effective	effective	ADJ
emaj-242	213	9	short	short	ADJ
emaj-242	213	10	-	-	PUNCT
emaj-242	213	11	term	term	NOUN
emaj-242	213	12	resources	resource	NOUN
emaj-242	213	13	for	for	ADP
emaj-242	213	14	its	its	PRON
emaj-242	213	15	projects	project	NOUN
emaj-242	213	16	with	with	ADP
emaj-242	213	17	suitable	suitable	ADJ
emaj-242	213	18	terms	term	NOUN
emaj-242	213	19	,	,	PUNCT
emaj-242	213	20	a	a	DET
emaj-242	213	21	high	high	ADJ
emaj-242	213	22	level	level	NOUN
emaj-242	213	23	is	be	AUX
emaj-242	213	24	acceptable	acceptable	ADJ
emaj-242	213	25	for	for	ADP
emaj-242	213	26	this	this	DET
emaj-242	213	27	ratio	ratio	NOUN
emaj-242	213	28	.	.	PUNCT
emaj-242	214	1	the	the	DET
emaj-242	214	2	net	net	ADJ
emaj-242	214	3	profit	profit	NOUN
emaj-242	214	4	margin	margin	NOUN
emaj-242	214	5	ratio	ratio	NOUN
emaj-242	214	6	,	,	PUNCT
emaj-242	214	7	which	which	PRON
emaj-242	214	8	has	have	VERB
emaj-242	214	9	a	a	DET
emaj-242	214	10	positive	positive	ADJ
emaj-242	214	11	effect	effect	NOUN
emaj-242	214	12	on	on	ADP
emaj-242	214	13	the	the	DET
emaj-242	214	14	stock	stock	NOUN
emaj-242	214	15	prices	price	NOUN
emaj-242	214	16	of	of	ADP
emaj-242	214	17	automotive	automotive	ADJ
emaj-242	214	18	companies	company	NOUN
emaj-242	214	19	traded	trade	VERB
emaj-242	214	20	in	in	ADP
emaj-242	214	21	other	other	ADJ
emaj-242	214	22	countries	country	NOUN
emaj-242	214	23	’	'	PUNCT
emaj-242	214	24	stock	stock	NOUN
emaj-242	214	25	exchanges	exchange	NOUN
emaj-242	214	26	,	,	PUNCT
emaj-242	214	27	represents	represent	VERB
emaj-242	214	28	the	the	DET
emaj-242	214	29	income	income	NOUN
emaj-242	214	30	obtained	obtain	VERB
emaj-242	214	31	from	from	ADP
emaj-242	214	32	the	the	DET
emaj-242	214	33	sales	sale	NOUN
emaj-242	214	34	of	of	ADP
emaj-242	214	35	the	the	DET
emaj-242	214	36	companies	company	NOUN
emaj-242	214	37	.	.	PUNCT
emaj-242	215	1	with	with	ADP
emaj-242	215	2	this	this	DET
emaj-242	215	3	ratio	ratio	NOUN
emaj-242	215	4	,	,	PUNCT
emaj-242	215	5	the	the	DET
emaj-242	215	6	efficiency	efficiency	NOUN
emaj-242	215	7	of	of	ADP
emaj-242	215	8	operations	operation	NOUN
emaj-242	215	9	can	can	AUX
emaj-242	215	10	be	be	AUX
emaj-242	215	11	evaluated	evaluate	VERB
emaj-242	215	12	.	.	PUNCT
emaj-242	216	1	the	the	DET
emaj-242	216	2	asset	asset	NOUN
emaj-242	216	3	profitability	profitability	NOUN
emaj-242	216	4	ratio	ratio	NOUN
emaj-242	216	5	,	,	PUNCT
emaj-242	216	6	which	which	PRON
emaj-242	216	7	also	also	ADV
emaj-242	216	8	has	have	VERB
emaj-242	216	9	a	a	DET
emaj-242	216	10	negative	negative	ADJ
emaj-242	216	11	effect	effect	NOUN
emaj-242	216	12	on	on	ADP
emaj-242	216	13	stock	stock	NOUN
emaj-242	216	14	prices	price	NOUN
emaj-242	216	15	,	,	PUNCT
emaj-242	216	16	indicates	indicate	VERB
emaj-242	216	17	how	how	SCONJ
emaj-242	216	18	effectively	effectively	ADV
emaj-242	216	19	a	a	DET
emaj-242	216	20	company	company	NOUN
emaj-242	216	21	uses	use	VERB
emaj-242	216	22	all	all	PRON
emaj-242	216	23	of	of	ADP
emaj-242	216	24	its	its	PRON
emaj-242	216	25	resources	resource	NOUN
emaj-242	216	26	.	.	PUNCT
emaj-242	217	1	the	the	DET
emaj-242	217	2	cash	cash	NOUN
emaj-242	217	3	ratio	ratio	NOUN
emaj-242	217	4	,	,	PUNCT
emaj-242	217	5	which	which	PRON
emaj-242	217	6	has	have	VERB
emaj-242	217	7	a	a	DET
emaj-242	217	8	negative	negative	ADJ
emaj-242	217	9	effect	effect	NOUN
emaj-242	217	10	on	on	ADP
emaj-242	217	11	stock	stock	NOUN
emaj-242	217	12	prices	price	NOUN
emaj-242	217	13	of	of	ADP
emaj-242	217	14	automotive	automotive	ADJ
emaj-242	217	15	companies	company	NOUN
emaj-242	217	16	traded	trade	VERB
emaj-242	217	17	in	in	ADP
emaj-242	217	18	other	other	ADJ
emaj-242	217	19	countries	country	NOUN
emaj-242	217	20	’	'	PUNCT
emaj-242	217	21	stock	stock	NOUN
emaj-242	217	22	exchanges	exchange	NOUN
emaj-242	217	23	,	,	PUNCT
emaj-242	217	24	reflects	reflect	VERB
emaj-242	217	25	the	the	DET
emaj-242	217	26	ability	ability	NOUN
emaj-242	217	27	of	of	ADP
emaj-242	217	28	a	a	DET
emaj-242	217	29	company	company	NOUN
emaj-242	217	30	to	to	PART
emaj-242	217	31	meet	meet	VERB
emaj-242	217	32	its	its	PRON
emaj-242	217	33	short	short	ADJ
emaj-242	217	34	-	-	PUNCT
emaj-242	217	35	term	term	NOUN
emaj-242	217	36	debts	debt	NOUN
emaj-242	217	37	with	with	ADP
emaj-242	217	38	liquid	liquid	ADJ
emaj-242	217	39	cash	cash	NOUN
emaj-242	217	40	reserves	reserve	NOUN
emaj-242	217	41	in	in	ADP
emaj-242	217	42	the	the	DET
emaj-242	217	43	event	event	NOUN
emaj-242	217	44	of	of	ADP
emaj-242	217	45	unexpected	unexpected	ADJ
emaj-242	217	46	and	and	CCONJ
emaj-242	217	47	urgent	urgent	ADJ
emaj-242	217	48	need	need	NOUN
emaj-242	217	49	,	,	PUNCT
emaj-242	217	50	compared	compare	VERB
emaj-242	217	51	to	to	ADP
emaj-242	217	52	the	the	DET
emaj-242	217	53	current	current	ADJ
emaj-242	217	54	ratio	ratio	NOUN
emaj-242	217	55	and	and	CCONJ
emaj-242	217	56	liquidity	liquidity	NOUN
emaj-242	217	57	ratio	ratio	NOUN
emaj-242	217	58	.	.	PUNCT
emaj-242	218	1	while	while	SCONJ
emaj-242	218	2	evaluating	evaluate	VERB
emaj-242	218	3	this	this	DET
emaj-242	218	4	ratio	ratio	NOUN
emaj-242	218	5	,	,	PUNCT
emaj-242	218	6	similarly	similarly	ADV
emaj-242	218	7	to	to	ADP
emaj-242	218	8	other	other	ADJ
emaj-242	218	9	liquidity	liquidity	NOUN
emaj-242	218	10	group	group	NOUN
emaj-242	218	11	ratios	ratio	NOUN
emaj-242	218	12	,	,	PUNCT
emaj-242	218	13	acceptable	acceptable	ADJ
emaj-242	218	14	levels	level	NOUN
emaj-242	218	15	can	can	AUX
emaj-242	218	16	be	be	AUX
emaj-242	218	17	determined	determine	VERB
emaj-242	218	18	according	accord	VERB
emaj-242	218	19	to	to	ADP
emaj-242	218	20	the	the	DET
emaj-242	218	21	specific	specific	ADJ
emaj-242	218	22	situations	situation	NOUN
emaj-242	218	23	of	of	ADP
emaj-242	218	24	the	the	DET
emaj-242	218	25	market	market	NOUN
emaj-242	218	26	,	,	PUNCT
emaj-242	218	27	sector	sector	NOUN
emaj-242	218	28	,	,	PUNCT
emaj-242	218	29	and	and	CCONJ
emaj-242	218	30	company	company	NOUN
emaj-242	218	31	because	because	SCONJ
emaj-242	218	32	this	this	DET
emaj-242	218	33	ratio	ratio	NOUN
emaj-242	218	34	also	also	ADV
emaj-242	218	35	reflects	reflect	VERB
emaj-242	218	36	the	the	DET
emaj-242	218	37	amounts	amount	NOUN
emaj-242	218	38	kept	keep	VERB
emaj-242	218	39	in	in	ADP
emaj-242	218	40	hand	hand	NOUN
emaj-242	218	41	by	by	ADP
emaj-242	218	42	the	the	DET
emaj-242	218	43	company	company	NOUN
emaj-242	218	44	,	,	PUNCT
emaj-242	218	45	remaining	remain	VERB
emaj-242	218	46	unused	unused	ADJ
emaj-242	218	47	and	and	CCONJ
emaj-242	218	48	not	not	PART
emaj-242	218	49	included	include	VERB
emaj-242	218	50	in	in	ADP
emaj-242	218	51	the	the	DET
emaj-242	218	52	operating	operate	VERB
emaj-242	218	53	cycle	cycle	NOUN
emaj-242	218	54	of	of	ADP
emaj-242	218	55	the	the	DET
emaj-242	218	56	business	business	NOUN
emaj-242	218	57	,	,	PUNCT
emaj-242	218	58	as	as	ADV
emaj-242	218	59	well	well	ADV
emaj-242	218	60	as	as	ADP
emaj-242	218	61	the	the	DET
emaj-242	218	62	amounts	amount	NOUN
emaj-242	218	63	held	hold	VERB
emaj-242	218	64	for	for	ADP
emaj-242	218	65	urgent	urgent	ADJ
emaj-242	218	66	needs	need	NOUN
emaj-242	218	67	.	.	PUNCT
emaj-242	219	1	the	the	DET
emaj-242	219	2	leverage	leverage	NOUN
emaj-242	219	3	ratio	ratio	NOUN
emaj-242	219	4	was	be	AUX
emaj-242	219	5	observed	observe	VERB
emaj-242	219	6	to	to	PART
emaj-242	219	7	have	have	VERB
emaj-242	219	8	a	a	DET
emaj-242	219	9	positive	positive	ADJ
emaj-242	219	10	effect	effect	NOUN
emaj-242	219	11	on	on	ADP
emaj-242	219	12	stock	stock	NOUN
emaj-242	219	13	prices	price	NOUN
emaj-242	219	14	in	in	ADP
emaj-242	219	15	both	both	DET
emaj-242	219	16	groups	group	NOUN
emaj-242	219	17	.	.	PUNCT
emaj-242	220	1	this	this	PRON
emaj-242	220	2	suggests	suggest	VERB
emaj-242	220	3	that	that	SCONJ
emaj-242	220	4	the	the	DET
emaj-242	220	5	liability	liability	NOUN
emaj-242	220	6	usage	usage	NOUN
emaj-242	220	7	of	of	ADP
emaj-242	220	8	a	a	DET
emaj-242	220	9	company	company	NOUN
emaj-242	220	10	is	be	AUX
emaj-242	220	11	an	an	DET
emaj-242	220	12	important	important	ADJ
emaj-242	220	13	factor	factor	NOUN
emaj-242	220	14	for	for	ADP
emaj-242	220	15	stock	stock	NOUN
emaj-242	220	16	prices	price	NOUN
emaj-242	220	17	.	.	PUNCT
emaj-242	221	1	as	as	ADV
emaj-242	221	2	long	long	ADV
emaj-242	221	3	as	as	SCONJ
emaj-242	221	4	this	this	DET
emaj-242	221	5	use	use	NOUN
emaj-242	221	6	of	of	ADP
emaj-242	221	7	liabilities	liability	NOUN
emaj-242	221	8	remains	remain	VERB
emaj-242	221	9	at	at	ADP
emaj-242	221	10	a	a	DET
emaj-242	221	11	level	level	NOUN
emaj-242	221	12	that	that	PRON
emaj-242	221	13	does	do	AUX
emaj-242	221	14	not	not	PART
emaj-242	221	15	burden	burden	VERB
emaj-242	221	16	the	the	DET
emaj-242	221	17	company	company	NOUN
emaj-242	221	18	in	in	ADP
emaj-242	221	19	terms	term	NOUN
emaj-242	221	20	of	of	ADP
emaj-242	221	21	costs	cost	NOUN
emaj-242	221	22	,	,	PUNCT
emaj-242	221	23	the	the	DET
emaj-242	221	24	value	value	NOUN
emaj-242	221	25	of	of	ADP
emaj-242	221	26	the	the	DET
emaj-242	221	27	firm	firm	NOUN
emaj-242	221	28	may	may	AUX
emaj-242	221	29	be	be	AUX
emaj-242	221	30	increased	increase	VERB
emaj-242	221	31	.	.	PUNCT
emaj-242	222	1	when	when	SCONJ
emaj-242	222	2	this	this	DET
emaj-242	222	3	situation	situation	NOUN
emaj-242	222	4	is	be	AUX
emaj-242	222	5	examined	examine	VERB
emaj-242	222	6	more	more	ADV
emaj-242	222	7	specifically	specifically	ADV
emaj-242	222	8	in	in	ADP
emaj-242	222	9	terms	term	NOUN
emaj-242	222	10	of	of	ADP
emaj-242	222	11	the	the	DET
emaj-242	222	12	automotive	automotive	ADJ
emaj-242	222	13	sector	sector	NOUN
emaj-242	222	14	,	,	PUNCT
emaj-242	222	15	the	the	DET
emaj-242	222	16	size	size	NOUN
emaj-242	222	17	of	of	ADP
emaj-242	222	18	budgets	budget	NOUN
emaj-242	222	19	allocated	allocate	VERB
emaj-242	222	20	to	to	ADP
emaj-242	222	21	r&d	r&d	NOUN
emaj-242	222	22	studies	study	NOUN
emaj-242	222	23	and	and	CCONJ
emaj-242	222	24	the	the	DET
emaj-242	222	25	continuous	continuous	ADJ
emaj-242	222	26	increases	increase	NOUN
emaj-242	222	27	in	in	ADP
emaj-242	222	28	costs	cost	NOUN
emaj-242	222	29	of	of	ADP
emaj-242	222	30	raw	raw	ADJ
emaj-242	222	31	materials	material	NOUN
emaj-242	222	32	and	and	CCONJ
emaj-242	222	33	production	production	NOUN
emaj-242	222	34	lead	lead	NOUN
emaj-242	222	35	companies	company	NOUN
emaj-242	222	36	to	to	PART
emaj-242	222	37	pursue	pursue	VERB
emaj-242	222	38	continuous	continuous	ADJ
emaj-242	222	39	efforts	effort	NOUN
emaj-242	222	40	for	for	ADP
emaj-242	222	41	cost	cost	NOUN
emaj-242	222	42	reduction	reduction	NOUN
emaj-242	222	43	.	.	PUNCT
emaj-242	223	1	if	if	SCONJ
emaj-242	223	2	the	the	DET
emaj-242	223	3	costs	cost	NOUN
emaj-242	223	4	of	of	ADP
emaj-242	223	5	liabilities	liability	NOUN
emaj-242	223	6	used	use	VERB
emaj-242	223	7	can	can	AUX
emaj-242	223	8	be	be	AUX
emaj-242	223	9	taken	take	VERB
emaj-242	223	10	into	into	ADP
emaj-242	223	11	account	account	NOUN
emaj-242	223	12	in	in	ADP
emaj-242	223	13	this	this	DET
emaj-242	223	14	way	way	NOUN
emaj-242	223	15	and	and	CCONJ
emaj-242	223	16	included	include	VERB
emaj-242	223	17	in	in	ADP
emaj-242	223	18	operational	operational	ADJ
emaj-242	223	19	activities	activity	NOUN
emaj-242	223	20	,	,	PUNCT
emaj-242	223	21	it	it	PRON
emaj-242	223	22	can	can	AUX
emaj-242	223	23	provide	provide	VERB
emaj-242	223	24	benefits	benefit	NOUN
emaj-242	223	25	for	for	ADP
emaj-242	223	26	the	the	DET
emaj-242	223	27	company	company	NOUN
emaj-242	223	28	in	in	ADP
emaj-242	223	29	terms	term	NOUN
emaj-242	223	30	of	of	ADP
emaj-242	223	31	growth	growth	NOUN
emaj-242	223	32	and	and	CCONJ
emaj-242	223	33	increase	increase	VERB
emaj-242	223	34	in	in	ADP
emaj-242	223	35	market	market	NOUN
emaj-242	223	36	value	value	NOUN
emaj-242	223	37	.	.	PUNCT
emaj-242	224	1	this	this	DET
emaj-242	224	2	ratio	ratio	NOUN
emaj-242	224	3	can	can	AUX
emaj-242	224	4	also	also	ADV
emaj-242	224	5	be	be	AUX
emaj-242	224	6	evaluated	evaluate	VERB
emaj-242	224	7	as	as	ADP
emaj-242	224	8	the	the	DET
emaj-242	224	9	cost	cost	NOUN
emaj-242	224	10	to	to	ADP
emaj-242	224	11	the	the	DET
emaj-242	224	12	company	company	NOUN
emaj-242	224	13	of	of	ADP
emaj-242	224	14	a	a	DET
emaj-242	224	15	used	use	VERB
emaj-242	224	16	resource	resource	NOUN
emaj-242	224	17	and	and	CCONJ
emaj-242	224	18	the	the	DET
emaj-242	224	19	production	production	NOUN
emaj-242	224	20	,	,	PUNCT
emaj-242	224	21	sales	sale	NOUN
emaj-242	224	22	,	,	PUNCT
emaj-242	224	23	and	and	CCONJ
emaj-242	224	24	profit	profit	NOUN
emaj-242	224	25	growth	growth	NOUN
emaj-242	224	26	rates	rate	NOUN
emaj-242	224	27	that	that	PRON
emaj-242	224	28	it	it	PRON
emaj-242	224	29	provides	provide	VERB
emaj-242	224	30	in	in	ADP
emaj-242	224	31	return	return	NOUN
emaj-242	224	32	.	.	PUNCT
emaj-242	225	1	the	the	DET
emaj-242	225	2	other	other	ADJ
emaj-242	225	3	ratio	ratio	NOUN
emaj-242	225	4	that	that	PRON
emaj-242	225	5	affects	affect	VERB
emaj-242	225	6	stock	stock	NOUN
emaj-242	225	7	prices	price	NOUN
emaj-242	225	8	in	in	ADP
emaj-242	225	9	both	both	DET
emaj-242	225	10	groups	group	NOUN
emaj-242	225	11	,	,	PUNCT
emaj-242	225	12	the	the	DET
emaj-242	225	13	liquidity	liquidity	NOUN
emaj-242	225	14	ratio	ratio	NOUN
emaj-242	225	15	,	,	PUNCT
emaj-242	225	16	reflects	reflect	VERB
emaj-242	225	17	the	the	DET
emaj-242	225	18	ability	ability	NOUN
emaj-242	225	19	to	to	PART
emaj-242	225	20	meet	meet	VERB
emaj-242	225	21	the	the	DET
emaj-242	225	22	immediate	immediate	ADJ
emaj-242	225	23	liquidity	liquidity	NOUN
emaj-242	225	24	needs	need	NOUN
emaj-242	225	25	of	of	ADP
emaj-242	225	26	the	the	DET
emaj-242	225	27	company	company	NOUN
emaj-242	225	28	with	with	ADP
emaj-242	225	29	the	the	DET
emaj-242	225	30	cash	cash	NOUN
emaj-242	225	31	in	in	ADP
emaj-242	225	32	hand	hand	NOUN
emaj-242	225	33	and	and	CCONJ
emaj-242	225	34	assets	asset	NOUN
emaj-242	225	35	that	that	PRON
emaj-242	225	36	can	can	AUX
emaj-242	225	37	be	be	AUX
emaj-242	225	38	converted	convert	VERB
emaj-242	225	39	into	into	ADP
emaj-242	225	40	cash	cash	NOUN
emaj-242	225	41	immediately	immediately	ADV
emaj-242	225	42	.	.	PUNCT
emaj-242	226	1	although	although	SCONJ
emaj-242	226	2	some	some	DET
emaj-242	226	3	businesses	business	NOUN
emaj-242	226	4	recently	recently	ADV
emaj-242	226	5	prefer	prefer	VERB
emaj-242	226	6	to	to	PART
emaj-242	226	7	operate	operate	VERB
emaj-242	226	8	by	by	ADP
emaj-242	226	9	directing	direct	VERB
emaj-242	226	10	all	all	PRON
emaj-242	226	11	of	of	ADP
emaj-242	226	12	their	their	PRON
emaj-242	226	13	positions	position	NOUN
emaj-242	226	14	that	that	PRON
emaj-242	226	15	can	can	AUX
emaj-242	226	16	quickly	quickly	ADV
emaj-242	226	17	generate	generate	VERB
emaj-242	226	18	cash	cash	NOUN
emaj-242	226	19	towards	towards	ADP
emaj-242	226	20	production	production	NOUN
emaj-242	226	21	,	,	PUNCT
emaj-242	226	22	in	in	ADP
emaj-242	226	23	the	the	DET
emaj-242	226	24	case	case	NOUN
emaj-242	226	25	of	of	ADP
emaj-242	226	26	a	a	DET
emaj-242	226	27	sudden	sudden	ADJ
emaj-242	226	28	liquidity	liquidity	NOUN
emaj-242	226	29	need	need	NOUN
emaj-242	226	30	,	,	PUNCT
emaj-242	226	31	problems	problem	NOUN
emaj-242	226	32	may	may	AUX
emaj-242	226	33	arise	arise	VERB
emaj-242	226	34	when	when	SCONJ
emaj-242	226	35	the	the	DET
emaj-242	226	36	conversion	conversion	NOUN
emaj-242	226	37	of	of	ADP
emaj-242	226	38	stocks	stock	NOUN
emaj-242	226	39	into	into	ADP
emaj-242	226	40	cash	cash	NOUN
emaj-242	226	41	is	be	AUX
emaj-242	226	42	not	not	PART
emaj-242	226	43	as	as	ADV
emaj-242	226	44	fast	fast	ADJ
emaj-242	226	45	as	as	SCONJ
emaj-242	226	46	expected	expect	VERB
emaj-242	226	47	.	.	PUNCT
emaj-242	227	1	these	these	DET
emaj-242	227	2	values	value	NOUN
emaj-242	227	3	may	may	AUX
emaj-242	227	4	reflect	reflect	VERB
emaj-242	227	5	unused	unused	ADJ
emaj-242	227	6	or	or	CCONJ
emaj-242	227	7	idle	idle	ADJ
emaj-242	227	8	funds	fund	NOUN
emaj-242	227	9	of	of	ADP
emaj-242	227	10	a	a	DET
emaj-242	227	11	company	company	NOUN
emaj-242	227	12	,	,	PUNCT
emaj-242	227	13	or	or	CCONJ
emaj-242	227	14	they	they	PRON
emaj-242	227	15	may	may	AUX
emaj-242	227	16	represent	represent	VERB
emaj-242	227	17	the	the	DET
emaj-242	227	18	first	first	ADJ
emaj-242	227	19	source	source	NOUN
emaj-242	227	20	that	that	PRON
emaj-242	227	21	is	be	AUX
emaj-242	227	22	turned	turn	VERB
emaj-242	227	23	to	to	ADP
emaj-242	227	24	in	in	ADP
emaj-242	227	25	unexpected	unexpected	ADJ
emaj-242	227	26	situations	situation	NOUN
emaj-242	227	27	of	of	ADP
emaj-242	227	28	short	short	ADJ
emaj-242	227	29	-	-	PUNCT
emaj-242	227	30	term	term	NOUN
emaj-242	227	31	need	need	NOUN
emaj-242	227	32	to	to	PART
emaj-242	227	33	allow	allow	VERB
emaj-242	227	34	the	the	DET
emaj-242	227	35	quick	quick	ADJ
emaj-242	227	36	generation	generation	NOUN
emaj-242	227	37	of	of	ADP
emaj-242	227	38	cash	cash	NOUN
emaj-242	227	39	and	and	CCONJ
emaj-242	227	40	the	the	DET
emaj-242	227	41	resolution	resolution	NOUN
emaj-242	227	42	of	of	ADP
emaj-242	227	43	the	the	DET
emaj-242	227	44	problematic	problematic	ADJ
emaj-242	227	45	situation	situation	NOUN
emaj-242	227	46	.	.	PUNCT
emaj-242	228	1	this	this	PRON
emaj-242	228	2	is	be	AUX
emaj-242	228	3	generally	generally	ADV
emaj-242	228	4	seen	see	VERB
emaj-242	228	5	to	to	PART
emaj-242	228	6	be	be	AUX
emaj-242	228	7	at	at	ADP
emaj-242	228	8	a	a	DET
emaj-242	228	9	reasonable	reasonable	ADJ
emaj-242	228	10	level	level	NOUN
emaj-242	228	11	in	in	ADP
emaj-242	228	12	accordance	accordance	NOUN
emaj-242	228	13	with	with	ADP
emaj-242	228	14	the	the	DET
emaj-242	228	15	sector	sector	NOUN
emaj-242	228	16	and	and	CCONJ
emaj-242	228	17	volume	volume	NOUN
emaj-242	228	18	12	12	NUM
emaj-242	228	19	no	no	DET
emaj-242	228	20	1	1	NUM
emaj-242	228	21	(	(	PUNCT
emaj-242	228	22	2021	2021	NUM
emaj-242	228	23	)	)	PUNCT
emaj-242	228	24	|	|	ADV
emaj-242	228	25	issn	issn	VERB
emaj-242	228	26	2158	2158	NUM
emaj-242	228	27	-	-	SYM
emaj-242	228	28	8708	8708	NUM
emaj-242	228	29	(	(	PUNCT
emaj-242	228	30	online	online	NOUN
emaj-242	228	31	)	)	PUNCT
emaj-242	228	32	|	|	ADV
emaj-242	228	33	doi	doi	X
emaj-242	228	34	10.5195	10.5195	NUM
emaj-242	228	35	/	/	SYM
emaj-242	228	36	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	228	37	|	|	ADV
emaj-242	228	38	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-242	228	39	effects	effect	NOUN
emaj-242	228	40	of	of	ADP
emaj-242	228	41	changes	change	NOUN
emaj-242	228	42	in	in	ADP
emaj-242	228	43	financial	financial	ADJ
emaj-242	228	44	ratios	ratio	NOUN
emaj-242	228	45	of	of	ADP
emaj-242	228	46	companies	company	NOUN
emaj-242	228	47	on	on	ADP
emaj-242	228	48	the	the	DET
emaj-242	228	49	performance	performance	NOUN
emaj-242	228	50	of	of	ADP
emaj-242	228	51	stock	stock	NOUN
emaj-242	228	52	prices	price	NOUN
emaj-242	228	53	in	in	ADP
emaj-242	228	54	the	the	DET
emaj-242	228	55	exchange	exchange	NOUN
emaj-242	228	56	market	market	NOUN
emaj-242	228	57	:	:	PUNCT
emaj-242	228	58	the	the	DET
emaj-242	228	59	automotive	automotive	ADJ
emaj-242	228	60	sector	sector	NOUN
emaj-242	228	61	page	page	NOUN
emaj-242	228	62	|10|	|10|	NOUN
emaj-242	228	63	emerging	emerge	VERB
emaj-242	228	64	markets	market	NOUN
emaj-242	228	65	journal	journal	NOUN
emaj-242	228	66	company	company	NOUN
emaj-242	228	67	structures	structure	NOUN
emaj-242	228	68	.	.	PUNCT
emaj-242	229	1	this	this	DET
emaj-242	229	2	ratio	ratio	NOUN
emaj-242	229	3	has	have	VERB
emaj-242	229	4	a	a	DET
emaj-242	229	5	negative	negative	ADJ
emaj-242	229	6	effect	effect	NOUN
emaj-242	229	7	on	on	ADP
emaj-242	229	8	the	the	DET
emaj-242	229	9	stock	stock	NOUN
emaj-242	229	10	prices	price	NOUN
emaj-242	229	11	of	of	ADP
emaj-242	229	12	the	the	DET
emaj-242	229	13	companies	company	NOUN
emaj-242	229	14	traded	trade	VERB
emaj-242	229	15	in	in	ADP
emaj-242	229	16	the	the	DET
emaj-242	229	17	bist	bist	NOUN
emaj-242	229	18	,	,	PUNCT
emaj-242	229	19	however	however	ADV
emaj-242	229	20	,	,	PUNCT
emaj-242	229	21	in	in	ADP
emaj-242	229	22	contrast	contrast	NOUN
emaj-242	229	23	to	to	ADP
emaj-242	229	24	the	the	DET
emaj-242	229	25	companies	company	NOUN
emaj-242	229	26	traded	trade	VERB
emaj-242	229	27	in	in	ADP
emaj-242	229	28	other	other	ADJ
emaj-242	229	29	countries	country	NOUN
emaj-242	229	30	’	'	PUNCT
emaj-242	229	31	stock	stock	NOUN
emaj-242	229	32	exchanges	exchange	NOUN
emaj-242	229	33	.	.	PUNCT
emaj-242	230	1	this	this	DET
emaj-242	230	2	difference	difference	NOUN
emaj-242	230	3	highlights	highlight	VERB
emaj-242	230	4	the	the	DET
emaj-242	230	5	differences	difference	NOUN
emaj-242	230	6	in	in	ADP
emaj-242	230	7	the	the	DET
emaj-242	230	8	perspectives	perspective	NOUN
emaj-242	230	9	of	of	ADP
emaj-242	230	10	investors	investor	NOUN
emaj-242	230	11	and	and	CCONJ
emaj-242	230	12	how	how	SCONJ
emaj-242	230	13	they	they	PRON
emaj-242	230	14	may	may	AUX
emaj-242	230	15	take	take	VERB
emaj-242	230	16	the	the	DET
emaj-242	230	17	same	same	ADJ
emaj-242	230	18	factors	factor	NOUN
emaj-242	230	19	into	into	ADP
emaj-242	230	20	account	account	NOUN
emaj-242	230	21	differently	differently	ADV
emaj-242	230	22	in	in	ADP
emaj-242	230	23	their	their	PRON
emaj-242	230	24	investments	investment	NOUN
emaj-242	230	25	.	.	PUNCT
emaj-242	231	1	it	it	PRON
emaj-242	231	2	has	have	AUX
emaj-242	231	3	been	be	AUX
emaj-242	231	4	further	far	ADV
emaj-242	231	5	concluded	conclude	VERB
emaj-242	231	6	that	that	SCONJ
emaj-242	231	7	the	the	DET
emaj-242	231	8	profitability	profitability	NOUN
emaj-242	231	9	ratios	ratio	NOUN
emaj-242	231	10	of	of	ADP
emaj-242	231	11	the	the	DET
emaj-242	231	12	automotive	automotive	ADJ
emaj-242	231	13	companies	company	NOUN
emaj-242	231	14	traded	trade	VERB
emaj-242	231	15	in	in	ADP
emaj-242	231	16	other	other	ADJ
emaj-242	231	17	countries	country	NOUN
emaj-242	231	18	’	'	PUNCT
emaj-242	231	19	stock	stock	NOUN
emaj-242	231	20	exchanges	exchange	NOUN
emaj-242	231	21	affect	affect	VERB
emaj-242	231	22	stock	stock	NOUN
emaj-242	231	23	prices	price	NOUN
emaj-242	231	24	,	,	PUNCT
emaj-242	231	25	in	in	ADP
emaj-242	231	26	contrast	contrast	NOUN
emaj-242	231	27	to	to	ADP
emaj-242	231	28	automotive	automotive	ADJ
emaj-242	231	29	companies	company	NOUN
emaj-242	231	30	traded	trade	VERB
emaj-242	231	31	in	in	ADP
emaj-242	231	32	the	the	DET
emaj-242	231	33	bist	bist	NOUN
emaj-242	231	34	.	.	PUNCT
emaj-242	232	1	in	in	ADP
emaj-242	232	2	addition	addition	NOUN
emaj-242	232	3	,	,	PUNCT
emaj-242	232	4	the	the	DET
emaj-242	232	5	structure	structure	NOUN
emaj-242	232	6	of	of	ADP
emaj-242	232	7	the	the	DET
emaj-242	232	8	markets	market	NOUN
emaj-242	232	9	is	be	AUX
emaj-242	232	10	crucial	crucial	ADJ
emaj-242	232	11	for	for	ADP
emaj-242	232	12	stock	stock	NOUN
emaj-242	232	13	investments.considering	investments.considere	VERB
emaj-242	232	14	the	the	DET
emaj-242	232	15	findings	finding	NOUN
emaj-242	232	16	of	of	ADP
emaj-242	232	17	the	the	DET
emaj-242	232	18	present	present	ADJ
emaj-242	232	19	study	study	NOUN
emaj-242	232	20	in	in	ADP
emaj-242	232	21	this	this	DET
emaj-242	232	22	context	context	NOUN
emaj-242	232	23	,	,	PUNCT
emaj-242	232	24	the	the	DET
emaj-242	232	25	structure	structure	NOUN
emaj-242	232	26	of	of	ADP
emaj-242	232	27	markets	market	NOUN
emaj-242	232	28	and	and	CCONJ
emaj-242	232	29	the	the	DET
emaj-242	232	30	stock	stock	NOUN
emaj-242	232	31	market	market	NOUN
emaj-242	232	32	in	in	ADP
emaj-242	232	33	turkey	turkey	NOUN
emaj-242	232	34	come	come	VERB
emaj-242	232	35	to	to	ADP
emaj-242	232	36	the	the	DET
emaj-242	232	37	fore	fore	NOUN
emaj-242	232	38	together	together	ADV
emaj-242	232	39	with	with	ADP
emaj-242	232	40	the	the	DET
emaj-242	232	41	issue	issue	NOUN
emaj-242	232	42	of	of	ADP
emaj-242	232	43	investor	investor	NOUN
emaj-242	232	44	profiles	profile	NOUN
emaj-242	232	45	.	.	PUNCT
emaj-242	233	1	according	accord	VERB
emaj-242	233	2	to	to	ADP
emaj-242	233	3	2019	2019	NUM
emaj-242	233	4	data	datum	NOUN
emaj-242	233	5	of	of	ADP
emaj-242	233	6	the	the	DET
emaj-242	233	7	central	central	ADJ
emaj-242	233	8	securities	security	NOUN
emaj-242	233	9	depository	depository	NOUN
emaj-242	233	10	of	of	ADP
emaj-242	233	11	turkey	turkey	PROPN
emaj-242	233	12	,	,	PUNCT
emaj-242	233	13	60.99	60.99	NUM
emaj-242	233	14	per	per	ADP
emaj-242	233	15	cent	cent	NOUN
emaj-242	233	16	of	of	ADP
emaj-242	233	17	accounts	account	NOUN
emaj-242	233	18	in	in	ADP
emaj-242	233	19	the	the	DET
emaj-242	233	20	bist	bist	NOUN
emaj-242	233	21	,	,	PUNCT
emaj-242	233	22	representing	represent	VERB
emaj-242	233	23	a	a	DET
emaj-242	233	24	total	total	ADJ
emaj-242	233	25	balance	balance	NOUN
emaj-242	233	26	of	of	ADP
emaj-242	233	27	476,179,642,086.05	476,179,642,086.05	ADJ
emaj-242	233	28	turkish	turkish	ADJ
emaj-242	233	29	lira	lira	NOUN
emaj-242	233	30	(	(	PUNCT
emaj-242	233	31	tl	tl	PROPN
emaj-242	233	32	)	)	PUNCT
emaj-242	233	33	,	,	PUNCT
emaj-242	233	34	belong	belong	VERB
emaj-242	233	35	to	to	ADP
emaj-242	233	36	foreign	foreign	ADJ
emaj-242	233	37	investors	investor	NOUN
emaj-242	233	38	.	.	PUNCT
emaj-242	234	1	with	with	ADP
emaj-242	234	2	active	active	ADJ
emaj-242	234	3	balances	balance	NOUN
emaj-242	234	4	of	of	ADP
emaj-242	234	5	over	over	ADP
emaj-242	234	6	1	1	NUM
emaj-242	234	7	million	million	NUM
emaj-242	234	8	tl	tl	PROPN
emaj-242	234	9	,	,	PUNCT
emaj-242	234	10	10,105	10,105	NUM
emaj-242	234	11	turkish	turkish	ADJ
emaj-242	234	12	investors	investor	NOUN
emaj-242	234	13	have	have	VERB
emaj-242	234	14	a	a	DET
emaj-242	234	15	total	total	ADJ
emaj-242	234	16	investment	investment	NOUN
emaj-242	234	17	of	of	ADP
emaj-242	234	18	147,851,556,485.70	147,851,556,485.70	NUM
emaj-242	234	19	tl	tl	PROPN
emaj-242	234	20	and	and	CCONJ
emaj-242	234	21	2,496	2,496	NUM
emaj-242	234	22	investors	investor	NOUN
emaj-242	234	23	from	from	ADP
emaj-242	234	24	outside	outside	ADJ
emaj-242	234	25	turkey	turkey	NOUN
emaj-242	234	26	have	have	VERB
emaj-242	234	27	a	a	DET
emaj-242	234	28	total	total	ADJ
emaj-242	234	29	investment	investment	NOUN
emaj-242	234	30	of	of	ADP
emaj-242	234	31	290,034,596,356.75	290,034,596,356.75	NUM
emaj-242	234	32	tl	tl	PROPN
emaj-242	234	33	(	(	PUNCT
emaj-242	234	34	mkk	mkk	PROPN
emaj-242	234	35	,	,	PUNCT
emaj-242	234	36	2020	2020	NUM
emaj-242	234	37	)	)	PUNCT
emaj-242	234	38	.	.	PUNCT
emaj-242	235	1	the	the	DET
emaj-242	235	2	fact	fact	NOUN
emaj-242	235	3	that	that	SCONJ
emaj-242	235	4	a	a	DET
emaj-242	235	5	small	small	ADJ
emaj-242	235	6	number	number	NOUN
emaj-242	235	7	of	of	ADP
emaj-242	235	8	foreign	foreign	ADJ
emaj-242	235	9	investors	investor	NOUN
emaj-242	235	10	have	have	AUX
emaj-242	235	11	a	a	DET
emaj-242	235	12	large	large	ADJ
emaj-242	235	13	investment	investment	NOUN
emaj-242	235	14	volume	volume	NOUN
emaj-242	235	15	provides	provide	VERB
emaj-242	235	16	foreign	foreign	ADJ
emaj-242	235	17	investors	investor	NOUN
emaj-242	235	18	with	with	ADP
emaj-242	235	19	the	the	DET
emaj-242	235	20	ability	ability	NOUN
emaj-242	235	21	to	to	PART
emaj-242	235	22	change	change	VERB
emaj-242	235	23	the	the	DET
emaj-242	235	24	balance	balance	NOUN
emaj-242	235	25	of	of	ADP
emaj-242	235	26	the	the	DET
emaj-242	235	27	stock	stock	NOUN
emaj-242	235	28	market	market	NOUN
emaj-242	235	29	.	.	PUNCT
emaj-242	236	1	the	the	DET
emaj-242	236	2	average	average	ADJ
emaj-242	236	3	foreign	foreign	ADJ
emaj-242	236	4	investor	investor	NOUN
emaj-242	236	5	rate	rate	NOUN
emaj-242	236	6	between	between	ADP
emaj-242	236	7	2007	2007	NUM
emaj-242	236	8	and	and	CCONJ
emaj-242	236	9	2018	2018	NUM
emaj-242	236	10	was	be	AUX
emaj-242	236	11	65.33	65.33	NUM
emaj-242	236	12	per	per	ADP
emaj-242	236	13	cent	cent	NOUN
emaj-242	236	14	while	while	SCONJ
emaj-242	236	15	it	it	PRON
emaj-242	236	16	was	be	AUX
emaj-242	236	17	more	more	ADJ
emaj-242	236	18	than	than	ADP
emaj-242	236	19	60.99	60.99	NUM
emaj-242	236	20	per	per	ADP
emaj-242	236	21	cent	cent	NOUN
emaj-242	236	22	in	in	ADP
emaj-242	236	23	2019	2019	NUM
emaj-242	236	24	(	(	PUNCT
emaj-242	236	25	mkk	mkk	PROPN
emaj-242	236	26	,	,	PUNCT
emaj-242	236	27	2020	2020	NUM
emaj-242	236	28	)	)	PUNCT
emaj-242	236	29	indicating	indicate	VERB
emaj-242	236	30	a	a	DET
emaj-242	236	31	reasonably	reasonably	ADV
emaj-242	236	32	constant	constant	ADJ
emaj-242	236	33	nature	nature	NOUN
emaj-242	236	34	.	.	PUNCT
emaj-242	237	1	turkey	turkey	PROPN
emaj-242	237	2	’s	’s	PART
emaj-242	237	3	average	average	ADJ
emaj-242	237	4	population	population	NOUN
emaj-242	237	5	is	be	AUX
emaj-242	237	6	young	young	ADJ
emaj-242	237	7	,	,	PUNCT
emaj-242	237	8	it	it	PRON
emaj-242	237	9	is	be	AUX
emaj-242	237	10	attractively	attractively	ADV
emaj-242	237	11	positioned	position	VERB
emaj-242	237	12	as	as	ADP
emaj-242	237	13	a	a	DET
emaj-242	237	14	bridge	bridge	NOUN
emaj-242	237	15	between	between	ADP
emaj-242	237	16	europe	europe	PROPN
emaj-242	237	17	and	and	CCONJ
emaj-242	237	18	the	the	DET
emaj-242	237	19	east	east	NOUN
emaj-242	237	20	,	,	PUNCT
emaj-242	237	21	and	and	CCONJ
emaj-242	237	22	,	,	PUNCT
emaj-242	237	23	most	most	ADV
emaj-242	237	24	importantly	importantly	ADV
emaj-242	237	25	,	,	PUNCT
emaj-242	237	26	it	it	PRON
emaj-242	237	27	offers	offer	VERB
emaj-242	237	28	unsaturated	unsaturated	ADJ
emaj-242	237	29	markets	market	NOUN
emaj-242	237	30	in	in	ADP
emaj-242	237	31	many	many	ADJ
emaj-242	237	32	areas	area	NOUN
emaj-242	237	33	to	to	PART
emaj-242	237	34	attract	attract	VERB
emaj-242	237	35	foreign	foreign	ADJ
emaj-242	237	36	investors	investor	NOUN
emaj-242	237	37	.	.	PUNCT
emaj-242	238	1	however	however	ADV
emaj-242	238	2	,	,	PUNCT
emaj-242	238	3	in	in	ADP
emaj-242	238	4	spite	spite	NOUN
emaj-242	238	5	of	of	ADP
emaj-242	238	6	these	these	DET
emaj-242	238	7	appealing	appealing	ADJ
emaj-242	238	8	points	point	NOUN
emaj-242	238	9	,	,	PUNCT
emaj-242	238	10	the	the	DET
emaj-242	238	11	first	first	ADJ
emaj-242	238	12	priority	priority	NOUN
emaj-242	238	13	for	for	ADP
emaj-242	238	14	foreign	foreign	ADJ
emaj-242	238	15	investors	investor	NOUN
emaj-242	238	16	in	in	ADP
emaj-242	238	17	long	long	ADJ
emaj-242	238	18	-	-	PUNCT
emaj-242	238	19	term	term	NOUN
emaj-242	238	20	investments	investment	NOUN
emaj-242	238	21	is	be	AUX
emaj-242	238	22	an	an	DET
emaj-242	238	23	environment	environment	NOUN
emaj-242	238	24	of	of	ADP
emaj-242	238	25	trust	trust	NOUN
emaj-242	238	26	and	and	CCONJ
emaj-242	238	27	economic	economic	ADJ
emaj-242	238	28	stability	stability	NOUN
emaj-242	238	29	.	.	PUNCT
emaj-242	239	1	the	the	DET
emaj-242	239	2	upward	upward	ADJ
emaj-242	239	3	trend	trend	NOUN
emaj-242	239	4	of	of	ADP
emaj-242	239	5	exchange	exchange	NOUN
emaj-242	239	6	rates	rate	NOUN
emaj-242	239	7	in	in	ADP
emaj-242	239	8	turkey	turkey	NOUN
emaj-242	239	9	may	may	AUX
emaj-242	239	10	lead	lead	VERB
emaj-242	239	11	to	to	ADP
emaj-242	239	12	a	a	DET
emaj-242	239	13	loss	loss	NOUN
emaj-242	239	14	of	of	ADP
emaj-242	239	15	value	value	NOUN
emaj-242	239	16	in	in	ADP
emaj-242	239	17	terms	term	NOUN
emaj-242	239	18	of	of	ADP
emaj-242	239	19	foreign	foreign	ADJ
emaj-242	239	20	investors	investor	NOUN
emaj-242	239	21	at	at	ADP
emaj-242	239	22	the	the	DET
emaj-242	239	23	time	time	NOUN
emaj-242	239	24	of	of	ADP
emaj-242	239	25	exit	exit	NOUN
emaj-242	239	26	compared	compare	VERB
emaj-242	239	27	to	to	ADP
emaj-242	239	28	entry	entry	NOUN
emaj-242	239	29	into	into	ADP
emaj-242	239	30	the	the	DET
emaj-242	239	31	market	market	NOUN
emaj-242	239	32	.	.	PUNCT
emaj-242	240	1	furthermore	furthermore	ADV
emaj-242	240	2	,	,	PUNCT
emaj-242	240	3	in	in	ADP
emaj-242	240	4	the	the	DET
emaj-242	240	5	event	event	NOUN
emaj-242	240	6	of	of	ADP
emaj-242	240	7	a	a	DET
emaj-242	240	8	crisis	crisis	NOUN
emaj-242	240	9	or	or	CCONJ
emaj-242	240	10	economic	economic	ADJ
emaj-242	240	11	contraction	contraction	NOUN
emaj-242	240	12	,	,	PUNCT
emaj-242	240	13	it	it	PRON
emaj-242	240	14	is	be	AUX
emaj-242	240	15	inevitable	inevitable	ADJ
emaj-242	240	16	that	that	SCONJ
emaj-242	240	17	the	the	DET
emaj-242	240	18	first	first	ADJ
emaj-242	240	19	outflows	outflow	NOUN
emaj-242	240	20	in	in	ADP
emaj-242	240	21	investments	investment	NOUN
emaj-242	240	22	will	will	AUX
emaj-242	240	23	be	be	AUX
emaj-242	240	24	experienced	experience	VERB
emaj-242	240	25	in	in	ADP
emaj-242	240	26	developing	develop	VERB
emaj-242	240	27	countries	country	NOUN
emaj-242	240	28	,	,	PUNCT
emaj-242	240	29	as	as	SCONJ
emaj-242	240	30	has	have	AUX
emaj-242	240	31	been	be	AUX
emaj-242	240	32	the	the	DET
emaj-242	240	33	case	case	NOUN
emaj-242	240	34	with	with	ADP
emaj-242	240	35	the	the	DET
emaj-242	240	36	global	global	ADJ
emaj-242	240	37	covid-19	covid-19	PROPN
emaj-242	240	38	pandemic	pandemic	NOUN
emaj-242	240	39	,	,	PUNCT
emaj-242	240	40	which	which	PRON
emaj-242	240	41	has	have	AUX
emaj-242	240	42	caused	cause	VERB
emaj-242	240	43	a	a	DET
emaj-242	240	44	decrease	decrease	NOUN
emaj-242	240	45	in	in	ADP
emaj-242	240	46	investments	investment	NOUN
emaj-242	240	47	around	around	ADP
emaj-242	240	48	the	the	DET
emaj-242	240	49	world	world	NOUN
emaj-242	240	50	in	in	ADP
emaj-242	240	51	the	the	DET
emaj-242	240	52	past	past	ADJ
emaj-242	240	53	two	two	NUM
emaj-242	240	54	years	year	NOUN
emaj-242	240	55	.	.	PUNCT
emaj-242	241	1	in	in	ADP
emaj-242	241	2	terms	term	NOUN
emaj-242	241	3	of	of	ADP
emaj-242	241	4	domestic	domestic	ADJ
emaj-242	241	5	investors	investor	NOUN
emaj-242	241	6	,	,	PUNCT
emaj-242	241	7	in	in	ADP
emaj-242	241	8	an	an	DET
emaj-242	241	9	economic	economic	ADJ
emaj-242	241	10	environment	environment	NOUN
emaj-242	241	11	with	with	ADP
emaj-242	241	12	high	high	ADJ
emaj-242	241	13	inflation	inflation	NOUN
emaj-242	241	14	and	and	CCONJ
emaj-242	241	15	exchange	exchange	NOUN
emaj-242	241	16	rates	rate	NOUN
emaj-242	241	17	,	,	PUNCT
emaj-242	241	18	an	an	DET
emaj-242	241	19	investor	investor	NOUN
emaj-242	241	20	’s	’s	PART
emaj-242	241	21	behavior	behavior	NOUN
emaj-242	241	22	may	may	AUX
emaj-242	241	23	lead	lead	VERB
emaj-242	241	24	to	to	ADP
emaj-242	241	25	profitability	profitability	NOUN
emaj-242	241	26	rates	rate	NOUN
emaj-242	241	27	being	be	AUX
emaj-242	241	28	ignored	ignore	VERB
emaj-242	241	29	,	,	PUNCT
emaj-242	241	30	such	such	ADJ
emaj-242	241	31	as	as	ADP
emaj-242	241	32	in	in	ADP
emaj-242	241	33	cases	case	NOUN
emaj-242	241	34	of	of	ADP
emaj-242	241	35	investors	investor	NOUN
emaj-242	241	36	seeking	seek	VERB
emaj-242	241	37	to	to	PART
emaj-242	241	38	obtain	obtain	VERB
emaj-242	241	39	returns	return	NOUN
emaj-242	241	40	from	from	ADP
emaj-242	241	41	trading	trading	NOUN
emaj-242	241	42	by	by	ADP
emaj-242	241	43	reducing	reduce	VERB
emaj-242	241	44	the	the	DET
emaj-242	241	45	loss	loss	NOUN
emaj-242	241	46	caused	cause	VERB
emaj-242	241	47	by	by	ADP
emaj-242	241	48	increases	increase	NOUN
emaj-242	241	49	in	in	ADP
emaj-242	241	50	inflation	inflation	NOUN
emaj-242	241	51	and	and	CCONJ
emaj-242	241	52	exchange	exchange	NOUN
emaj-242	241	53	rates	rate	NOUN
emaj-242	241	54	with	with	ADP
emaj-242	241	55	shorter	short	ADJ
emaj-242	241	56	-	-	PUNCT
emaj-242	241	57	term	term	NOUN
emaj-242	241	58	moves	move	NOUN
emaj-242	241	59	,	,	PUNCT
emaj-242	241	60	rather	rather	ADV
emaj-242	241	61	than	than	ADP
emaj-242	241	62	buying	buy	VERB
emaj-242	241	63	a	a	DET
emaj-242	241	64	company	company	NOUN
emaj-242	241	65	’s	’s	PART
emaj-242	241	66	stock	stock	NOUN
emaj-242	241	67	and	and	CCONJ
emaj-242	241	68	waiting	wait	VERB
emaj-242	241	69	until	until	ADP
emaj-242	241	70	the	the	DET
emaj-242	241	71	end	end	NOUN
emaj-242	241	72	of	of	ADP
emaj-242	241	73	the	the	DET
emaj-242	241	74	period	period	NOUN
emaj-242	241	75	to	to	PART
emaj-242	241	76	earn	earn	VERB
emaj-242	241	77	income	income	NOUN
emaj-242	241	78	from	from	ADP
emaj-242	241	79	profit	profit	NOUN
emaj-242	241	80	sharing	sharing	NOUN
emaj-242	241	81	.	.	PUNCT
emaj-242	242	1	in	in	ADP
emaj-242	242	2	the	the	DET
emaj-242	242	3	models	model	NOUN
emaj-242	242	4	established	establish	VERB
emaj-242	242	5	in	in	ADP
emaj-242	242	6	the	the	DET
emaj-242	242	7	present	present	ADJ
emaj-242	242	8	study	study	NOUN
emaj-242	242	9	,	,	PUNCT
emaj-242	242	10	the	the	DET
emaj-242	242	11	r2	r2	PROPN
emaj-242	242	12	value	value	NOUN
emaj-242	242	13	was	be	AUX
emaj-242	242	14	0.6258	0.6258	NUM
emaj-242	242	15	for	for	ADP
emaj-242	242	16	companies	company	NOUN
emaj-242	242	17	traded	trade	VERB
emaj-242	242	18	in	in	ADP
emaj-242	242	19	turkey	turkey	NOUN
emaj-242	242	20	and	and	CCONJ
emaj-242	242	21	0.5734	0.5734	NUM
emaj-242	242	22	for	for	ADP
emaj-242	242	23	companies	company	NOUN
emaj-242	242	24	traded	trade	VERB
emaj-242	242	25	in	in	ADP
emaj-242	242	26	other	other	ADJ
emaj-242	242	27	countries	country	NOUN
emaj-242	242	28	’	'	PUNCT
emaj-242	242	29	stock	stock	NOUN
emaj-242	242	30	exchanges	exchange	NOUN
emaj-242	242	31	.	.	PUNCT
emaj-242	243	1	these	these	DET
emaj-242	243	2	values	value	NOUN
emaj-242	243	3	are	be	AUX
emaj-242	243	4	acceptable	acceptable	ADJ
emaj-242	243	5	in	in	ADP
emaj-242	243	6	terms	term	NOUN
emaj-242	243	7	of	of	ADP
emaj-242	243	8	the	the	DET
emaj-242	243	9	explanatory	explanatory	ADJ
emaj-242	243	10	power	power	NOUN
emaj-242	243	11	of	of	ADP
emaj-242	243	12	the	the	DET
emaj-242	243	13	independent	independent	ADJ
emaj-242	243	14	variables	variable	NOUN
emaj-242	243	15	for	for	ADP
emaj-242	243	16	the	the	DET
emaj-242	243	17	dependent	dependent	ADJ
emaj-242	243	18	variable	variable	NOUN
emaj-242	243	19	.	.	PUNCT
emaj-242	244	1	however	however	ADV
emaj-242	244	2	,	,	PUNCT
emaj-242	244	3	changes	change	NOUN
emaj-242	244	4	in	in	ADP
emaj-242	244	5	stock	stock	NOUN
emaj-242	244	6	prices	price	NOUN
emaj-242	244	7	in	in	ADP
emaj-242	244	8	certain	certain	ADJ
emaj-242	244	9	periods	period	NOUN
emaj-242	244	10	may	may	AUX
emaj-242	244	11	not	not	PART
emaj-242	244	12	reflect	reflect	VERB
emaj-242	244	13	the	the	DET
emaj-242	244	14	financial	financial	ADJ
emaj-242	244	15	performance	performance	NOUN
emaj-242	244	16	of	of	ADP
emaj-242	244	17	a	a	DET
emaj-242	244	18	company	company	NOUN
emaj-242	244	19	.	.	PUNCT
emaj-242	245	1	the	the	DET
emaj-242	245	2	macroeconomic	macroeconomic	ADJ
emaj-242	245	3	situation	situation	NOUN
emaj-242	245	4	,	,	PUNCT
emaj-242	245	5	the	the	DET
emaj-242	245	6	political	political	ADJ
emaj-242	245	7	situation	situation	NOUN
emaj-242	245	8	,	,	PUNCT
emaj-242	245	9	the	the	DET
emaj-242	245	10	government	government	NOUN
emaj-242	245	11	’s	’s	PART
emaj-242	245	12	industrial	industrial	ADJ
emaj-242	245	13	policy	policy	NOUN
emaj-242	245	14	,	,	PUNCT
emaj-242	245	15	and	and	CCONJ
emaj-242	245	16	technical	technical	ADJ
emaj-242	245	17	considerations	consideration	NOUN
emaj-242	245	18	within	within	ADP
emaj-242	245	19	the	the	DET
emaj-242	245	20	company	company	NOUN
emaj-242	245	21	are	be	AUX
emaj-242	245	22	factors	factor	NOUN
emaj-242	245	23	beyond	beyond	ADP
emaj-242	245	24	financial	financial	ADJ
emaj-242	245	25	performance	performance	NOUN
emaj-242	245	26	that	that	PRON
emaj-242	245	27	can	can	AUX
emaj-242	245	28	affect	affect	VERB
emaj-242	245	29	changes	change	NOUN
emaj-242	245	30	in	in	ADP
emaj-242	245	31	stock	stock	NOUN
emaj-242	245	32	prices	price	NOUN
emaj-242	245	33	(	(	PUNCT
emaj-242	245	34	purnomo	purnomo	ADJ
emaj-242	245	35	,	,	PUNCT
emaj-242	245	36	1998	1998	NUM
emaj-242	245	37	)	)	PUNCT
emaj-242	245	38	.	.	PUNCT
emaj-242	246	1	hadi	hadi	PROPN
emaj-242	246	2	and	and	CCONJ
emaj-242	246	3	azmi	azmi	PROPN
emaj-242	246	4	(	(	PUNCT
emaj-242	246	5	2005	2005	NUM
emaj-242	246	6	)	)	PUNCT
emaj-242	246	7	further	far	ADV
emaj-242	246	8	argued	argue	VERB
emaj-242	246	9	that	that	SCONJ
emaj-242	246	10	other	other	ADJ
emaj-242	246	11	factors	factor	NOUN
emaj-242	246	12	such	such	ADJ
emaj-242	246	13	as	as	ADP
emaj-242	246	14	interest	interest	NOUN
emaj-242	246	15	rate	rate	NOUN
emaj-242	246	16	,	,	PUNCT
emaj-242	246	17	inflation	inflation	NOUN
emaj-242	246	18	rate	rate	NOUN
emaj-242	246	19	,	,	PUNCT
emaj-242	246	20	and	and	CCONJ
emaj-242	246	21	exchange	exchange	NOUN
emaj-242	246	22	rate	rate	NOUN
emaj-242	246	23	can	can	AUX
emaj-242	246	24	significantly	significantly	ADV
emaj-242	246	25	affect	affect	VERB
emaj-242	246	26	changes	change	NOUN
emaj-242	246	27	in	in	ADP
emaj-242	246	28	stock	stock	NOUN
emaj-242	246	29	returns	return	NOUN
emaj-242	246	30	(	(	PUNCT
emaj-242	246	31	dwi	dwi	PROPN
emaj-242	246	32	martani	martani	PROPN
emaj-242	246	33	and	and	CCONJ
emaj-242	246	34	khairurizka	khairurizka	PROPN
emaj-242	246	35	,	,	PUNCT
emaj-242	246	36	2009	2009	NUM
emaj-242	246	37	:	:	PUNCT
emaj-242	246	38	51	51	NUM
emaj-242	246	39	)	)	PUNCT
emaj-242	246	40	.	.	PUNCT
emaj-242	247	1	vi	vi	X
emaj-242	247	2	.	.	PROPN
emaj-242	247	3	conclusion	conclusion	NOUN
emaj-242	247	4	this	this	DET
emaj-242	247	5	research	research	NOUN
emaj-242	247	6	was	be	AUX
emaj-242	247	7	carried	carry	VERB
emaj-242	247	8	out	out	ADP
emaj-242	247	9	to	to	PART
emaj-242	247	10	determine	determine	VERB
emaj-242	247	11	whether	whether	SCONJ
emaj-242	247	12	changes	change	NOUN
emaj-242	247	13	in	in	ADP
emaj-242	247	14	the	the	DET
emaj-242	247	15	financial	financial	ADJ
emaj-242	247	16	statements	statement	NOUN
emaj-242	247	17	of	of	ADP
emaj-242	247	18	companies	company	NOUN
emaj-242	247	19	affect	affect	VERB
emaj-242	247	20	the	the	DET
emaj-242	247	21	prices	price	NOUN
emaj-242	247	22	of	of	ADP
emaj-242	247	23	stocks	stock	NOUN
emaj-242	247	24	traded	trade	VERB
emaj-242	247	25	in	in	ADP
emaj-242	247	26	the	the	DET
emaj-242	247	27	stock	stock	NOUN
emaj-242	247	28	exchange	exchange	NOUN
emaj-242	247	29	and	and	CCONJ
emaj-242	247	30	,	,	PUNCT
emaj-242	247	31	if	if	SCONJ
emaj-242	247	32	so	so	ADV
emaj-242	247	33	,	,	PUNCT
emaj-242	247	34	to	to	ADP
emaj-242	247	35	what	what	DET
emaj-242	247	36	extent	extent	NOUN
emaj-242	247	37	.	.	PUNCT
emaj-242	248	1	the	the	DET
emaj-242	248	2	automotive	automotive	ADJ
emaj-242	248	3	sector	sector	NOUN
emaj-242	248	4	was	be	AUX
emaj-242	248	5	considered	consider	VERB
emaj-242	248	6	here	here	ADV
emaj-242	248	7	,	,	PUNCT
emaj-242	248	8	as	as	SCONJ
emaj-242	248	9	it	it	PRON
emaj-242	248	10	has	have	VERB
emaj-242	248	11	an	an	DET
emaj-242	248	12	important	important	ADJ
emaj-242	248	13	position	position	NOUN
emaj-242	248	14	in	in	ADP
emaj-242	248	15	both	both	CCONJ
emaj-242	248	16	the	the	DET
emaj-242	248	17	turkish	turkish	ADJ
emaj-242	248	18	economy	economy	NOUN
emaj-242	248	19	and	and	CCONJ
emaj-242	248	20	the	the	DET
emaj-242	248	21	world	world	NOUN
emaj-242	248	22	economy	economy	NOUN
emaj-242	248	23	due	due	ADP
emaj-242	248	24	to	to	ADP
emaj-242	248	25	consumer	consumer	NOUN
emaj-242	248	26	demand	demand	NOUN
emaj-242	248	27	and	and	CCONJ
emaj-242	248	28	exchanges	exchange	NOUN
emaj-242	248	29	with	with	ADP
emaj-242	248	30	other	other	ADJ
emaj-242	248	31	sectors	sector	NOUN
emaj-242	248	32	.	.	PUNCT
emaj-242	249	1	relationships	relationship	NOUN
emaj-242	249	2	between	between	ADP
emaj-242	249	3	stock	stock	NOUN
emaj-242	249	4	prices	price	NOUN
emaj-242	249	5	and	and	CCONJ
emaj-242	249	6	ratios	ratio	NOUN
emaj-242	249	7	obtained	obtain	VERB
emaj-242	249	8	from	from	ADP
emaj-242	249	9	financial	financial	ADJ
emaj-242	249	10	statements	statement	NOUN
emaj-242	249	11	in	in	ADP
emaj-242	249	12	the	the	DET
emaj-242	249	13	automotive	automotive	ADJ
emaj-242	249	14	sector	sector	NOUN
emaj-242	249	15	were	be	AUX
emaj-242	249	16	analyzed	analyze	VERB
emaj-242	249	17	considering	consider	VERB
emaj-242	249	18	seven	seven	NUM
emaj-242	249	19	automotive	automotive	ADJ
emaj-242	249	20	companies	company	NOUN
emaj-242	249	21	whose	whose	DET
emaj-242	249	22	stocks	stock	NOUN
emaj-242	249	23	are	be	AUX
emaj-242	249	24	traded	trade	VERB
emaj-242	249	25	in	in	ADP
emaj-242	249	26	the	the	DET
emaj-242	249	27	bist	bist	NOUN
emaj-242	249	28	and	and	CCONJ
emaj-242	249	29	six	six	NUM
emaj-242	249	30	whose	whose	DET
emaj-242	249	31	stocks	stock	NOUN
emaj-242	249	32	are	be	AUX
emaj-242	249	33	traded	trade	VERB
emaj-242	249	34	in	in	ADP
emaj-242	249	35	other	other	ADJ
emaj-242	249	36	countries	country	NOUN
emaj-242	249	37	’	'	PUNCT
emaj-242	249	38	stock	stock	NOUN
emaj-242	249	39	exchanges	exchange	NOUN
emaj-242	249	40	(	(	PUNCT
emaj-242	249	41	germany	germany	PROPN
emaj-242	249	42	,	,	PUNCT
emaj-242	249	43	usa	usa	PROPN
emaj-242	249	44	and	and	CCONJ
emaj-242	249	45	sweden	sweden	PROPN
emaj-242	249	46	)	)	PUNCT
emaj-242	249	47	.	.	PUNCT
emaj-242	250	1	financial	financial	ADJ
emaj-242	250	2	data	datum	NOUN
emaj-242	250	3	from	from	ADP
emaj-242	250	4	these	these	DET
emaj-242	250	5	companies	company	NOUN
emaj-242	250	6	for	for	ADP
emaj-242	250	7	the	the	DET
emaj-242	250	8	period	period	NOUN
emaj-242	250	9	of	of	ADP
emaj-242	250	10	2007q1	2007q1	PROPN
emaj-242	250	11	-	-	PUNCT
emaj-242	250	12	2018q4	2018q4	PROPN
emaj-242	250	13	were	be	AUX
emaj-242	250	14	considered	consider	VERB
emaj-242	250	15	in	in	ADP
emaj-242	250	16	quarters	quarter	NOUN
emaj-242	250	17	and	and	CCONJ
emaj-242	250	18	the	the	DET
emaj-242	250	19	effects	effect	NOUN
emaj-242	250	20	of	of	ADP
emaj-242	250	21	changes	change	NOUN
emaj-242	250	22	in	in	ADP
emaj-242	250	23	12	12	NUM
emaj-242	250	24	selected	select	VERB
emaj-242	250	25	financial	financial	ADJ
emaj-242	250	26	ratios	ratio	NOUN
emaj-242	250	27	(	(	PUNCT
emaj-242	250	28	current	current	ADJ
emaj-242	250	29	ratio	ratio	NOUN
emaj-242	250	30	,	,	PUNCT
emaj-242	250	31	liquidity	liquidity	NOUN
emaj-242	250	32	ratio	ratio	NOUN
emaj-242	250	33	,	,	PUNCT
emaj-242	250	34	cash	cash	NOUN
emaj-242	250	35	ratio	ratio	NOUN
emaj-242	250	36	,	,	PUNCT
emaj-242	250	37	leverage	leverage	NOUN
emaj-242	250	38	ratio	ratio	NOUN
emaj-242	250	39	,	,	PUNCT
emaj-242	250	40	debt	debt	NOUN
emaj-242	250	41	turnover	turnover	NOUN
emaj-242	250	42	rate	rate	NOUN
emaj-242	250	43	,	,	PUNCT
emaj-242	250	44	maturity	maturity	NOUN
emaj-242	250	45	structure	structure	NOUN
emaj-242	250	46	of	of	ADP
emaj-242	250	47	liabilities	liability	NOUN
emaj-242	250	48	,	,	PUNCT
emaj-242	250	49	net	net	ADJ
emaj-242	250	50	profit	profit	NOUN
emaj-242	250	51	margin	margin	NOUN
emaj-242	250	52	,	,	PUNCT
emaj-242	250	53	roe	roe	NOUN
emaj-242	250	54	,	,	PUNCT
emaj-242	250	55	roa	roa	PROPN
emaj-242	250	56	,	,	PUNCT
emaj-242	250	57	average	average	ADJ
emaj-242	250	58	collection	collection	NOUN
emaj-242	250	59	period	period	NOUN
emaj-242	250	60	of	of	ADP
emaj-242	250	61	receivables	receivables	NOUN
emaj-242	250	62	,	,	PUNCT
emaj-242	250	63	average	average	ADJ
emaj-242	250	64	sales	sale	NOUN
emaj-242	250	65	period	period	NOUN
emaj-242	250	66	of	of	ADP
emaj-242	250	67	inventory	inventory	NOUN
emaj-242	250	68	,	,	PUNCT
emaj-242	250	69	and	and	CCONJ
emaj-242	250	70	asset	asset	NOUN
emaj-242	250	71	turnover	turnover	NOUN
emaj-242	250	72	)	)	PUNCT
emaj-242	250	73	on	on	ADP
emaj-242	250	74	stock	stock	NOUN
emaj-242	250	75	prices	price	NOUN
emaj-242	250	76	were	be	AUX
emaj-242	250	77	investigated	investigate	VERB
emaj-242	250	78	using	use	VERB
emaj-242	250	79	the	the	DET
emaj-242	250	80	panel	panel	NOUN
emaj-242	250	81	data	datum	NOUN
emaj-242	250	82	analysis	analysis	NOUN
emaj-242	250	83	method	method	NOUN
emaj-242	250	84	.	.	PUNCT
emaj-242	251	1	it	it	PRON
emaj-242	251	2	was	be	AUX
emaj-242	251	3	determined	determine	VERB
emaj-242	251	4	that	that	SCONJ
emaj-242	251	5	,	,	PUNCT
emaj-242	251	6	for	for	ADP
emaj-242	251	7	automotive	automotive	ADJ
emaj-242	251	8	companies	company	NOUN
emaj-242	251	9	traded	trade	VERB
emaj-242	251	10	in	in	ADP
emaj-242	251	11	turkey	turkey	NOUN
emaj-242	251	12	,	,	PUNCT
emaj-242	251	13	stock	stock	NOUN
emaj-242	251	14	prices	price	NOUN
emaj-242	251	15	are	be	AUX
emaj-242	251	16	affected	affect	VERB
emaj-242	251	17	by	by	ADP
emaj-242	251	18	liquidity	liquidity	NOUN
emaj-242	251	19	ratios	ratio	NOUN
emaj-242	251	20	(	(	PUNCT
emaj-242	251	21	current	current	ADJ
emaj-242	251	22	ratio	ratio	NOUN
emaj-242	251	23	and	and	CCONJ
emaj-242	251	24	liquidity	liquidity	NOUN
emaj-242	251	25	ratio	ratio	NOUN
emaj-242	251	26	)	)	PUNCT
emaj-242	251	27	,	,	PUNCT
emaj-242	251	28	financial	financial	ADJ
emaj-242	251	29	structure	structure	NOUN
emaj-242	251	30	ratios	ratio	NOUN
emaj-242	251	31	(	(	PUNCT
emaj-242	251	32	leverage	leverage	NOUN
emaj-242	251	33	ratio	ratio	NOUN
emaj-242	251	34	,	,	PUNCT
emaj-242	251	35	debt	debt	NOUN
emaj-242	251	36	turnover	turnover	NOUN
emaj-242	251	37	,	,	PUNCT
emaj-242	251	38	and	and	CCONJ
emaj-242	251	39	maturity	maturity	NOUN
emaj-242	251	40	structure	structure	NOUN
emaj-242	251	41	of	of	ADP
emaj-242	251	42	liabilities	liability	NOUN
emaj-242	251	43	)	)	PUNCT
emaj-242	251	44	,	,	PUNCT
emaj-242	251	45	and	and	CCONJ
emaj-242	251	46	activity	activity	NOUN
emaj-242	251	47	ratios	ratio	NOUN
emaj-242	251	48	(	(	PUNCT
emaj-242	251	49	average	average	ADJ
emaj-242	251	50	collection	collection	NOUN
emaj-242	251	51	period	period	NOUN
emaj-242	251	52	of	of	ADP
emaj-242	251	53	receivables	receivables	NOUN
emaj-242	251	54	and	and	CCONJ
emaj-242	251	55	asset	asset	NOUN
emaj-242	251	56	turnover	turnover	NOUN
emaj-242	251	57	rate	rate	NOUN
emaj-242	251	58	)	)	PUNCT
emaj-242	251	59	.	.	PUNCT
emaj-242	252	1	a	a	DET
emaj-242	252	2	statistically	statistically	ADV
emaj-242	252	3	significant	significant	ADJ
emaj-242	252	4	relationship	relationship	NOUN
emaj-242	252	5	could	could	AUX
emaj-242	252	6	not	not	PART
emaj-242	252	7	be	be	AUX
emaj-242	252	8	determined	determine	VERB
emaj-242	252	9	between	between	ADP
emaj-242	252	10	cash	cash	NOUN
emaj-242	252	11	ratio	ratio	NOUN
emaj-242	252	12	,	,	PUNCT
emaj-242	252	13	net	net	ADJ
emaj-242	252	14	profit	profit	NOUN
emaj-242	252	15	margin	margin	NOUN
emaj-242	252	16	,	,	PUNCT
emaj-242	252	17	roe	roe	NOUN
emaj-242	252	18	,	,	PUNCT
emaj-242	252	19	roa	roa	PROPN
emaj-242	252	20	,	,	PUNCT
emaj-242	252	21	or	or	CCONJ
emaj-242	252	22	average	average	ADJ
emaj-242	252	23	sales	sale	NOUN
emaj-242	252	24	period	period	NOUN
emaj-242	252	25	of	of	ADP
emaj-242	252	26	inventory	inventory	NOUN
emaj-242	252	27	and	and	CCONJ
emaj-242	252	28	stock	stock	NOUN
emaj-242	252	29	prices	price	NOUN
emaj-242	252	30	and	and	CCONJ
emaj-242	252	31	it	it	PRON
emaj-242	252	32	was	be	AUX
emaj-242	252	33	concluded	conclude	VERB
emaj-242	252	34	that	that	SCONJ
emaj-242	252	35	these	these	DET
emaj-242	252	36	ratios	ratio	NOUN
emaj-242	252	37	do	do	AUX
emaj-242	252	38	not	not	PART
emaj-242	252	39	affect	affect	VERB
emaj-242	252	40	those	those	DET
emaj-242	252	41	prices	price	NOUN
emaj-242	252	42	.	.	PUNCT
emaj-242	253	1	for	for	ADP
emaj-242	253	2	the	the	DET
emaj-242	253	3	automotive	automotive	ADJ
emaj-242	253	4	companies	company	NOUN
emaj-242	253	5	traded	trade	VERB
emaj-242	253	6	in	in	ADP
emaj-242	253	7	other	other	ADJ
emaj-242	253	8	countries	country	NOUN
emaj-242	253	9	’	'	PUNCT
emaj-242	253	10	stock	stock	NOUN
emaj-242	253	11	exchanges	exchange	NOUN
emaj-242	253	12	,	,	PUNCT
emaj-242	253	13	stock	stock	NOUN
emaj-242	253	14	prices	price	NOUN
emaj-242	253	15	are	be	AUX
emaj-242	253	16	affected	affect	VERB
emaj-242	253	17	by	by	ADP
emaj-242	253	18	liquidity	liquidity	NOUN
emaj-242	253	19	ratios	ratio	NOUN
emaj-242	253	20	(	(	PUNCT
emaj-242	253	21	liquidity	liquidity	NOUN
emaj-242	253	22	ratio	ratio	NOUN
emaj-242	253	23	and	and	CCONJ
emaj-242	253	24	cash	cash	NOUN
emaj-242	253	25	ratio	ratio	NOUN
emaj-242	253	26	)	)	PUNCT
emaj-242	253	27	,	,	PUNCT
emaj-242	253	28	financial	financial	ADJ
emaj-242	253	29	structure	structure	NOUN
emaj-242	253	30	ratios	ratio	NOUN
emaj-242	253	31	(	(	PUNCT
emaj-242	253	32	leverage	leverage	NOUN
emaj-242	253	33	ratio	ratio	NOUN
emaj-242	253	34	)	)	PUNCT
emaj-242	253	35	,	,	PUNCT
emaj-242	253	36	activity	activity	NOUN
emaj-242	253	37	ratios	ratio	NOUN
emaj-242	253	38	(	(	PUNCT
emaj-242	253	39	average	average	ADJ
emaj-242	253	40	collection	collection	NOUN
emaj-242	253	41	period	period	NOUN
emaj-242	253	42	of	of	ADP
emaj-242	253	43	receivables	receivables	NOUN
emaj-242	253	44	and	and	CCONJ
emaj-242	253	45	average	average	ADJ
emaj-242	253	46	sales	sale	NOUN
emaj-242	253	47	period	period	NOUN
emaj-242	253	48	of	of	ADP
emaj-242	253	49	inventory	inventory	NOUN
emaj-242	253	50	)	)	PUNCT
emaj-242	253	51	,	,	PUNCT
emaj-242	253	52	and	and	CCONJ
emaj-242	253	53	profitability	profitability	NOUN
emaj-242	253	54	ratios	ratio	NOUN
emaj-242	253	55	(	(	PUNCT
emaj-242	253	56	net	net	ADJ
emaj-242	253	57	profit	profit	NOUN
emaj-242	253	58	margin	margin	NOUN
emaj-242	253	59	and	and	CCONJ
emaj-242	253	60	roa	roa	NOUN
emaj-242	253	61	)	)	PUNCT
emaj-242	253	62	.	.	PUNCT
emaj-242	254	1	a	a	DET
emaj-242	254	2	statistically	statistically	ADV
emaj-242	254	3	significant	significant	ADJ
emaj-242	254	4	relationship	relationship	NOUN
emaj-242	254	5	could	could	AUX
emaj-242	254	6	not	not	PART
emaj-242	254	7	be	be	AUX
emaj-242	254	8	determined	determine	VERB
emaj-242	254	9	between	between	ADP
emaj-242	254	10	current	current	ADJ
emaj-242	254	11	ratio	ratio	NOUN
emaj-242	254	12	,	,	PUNCT
emaj-242	254	13	debt	debt	NOUN
emaj-242	254	14	turnover	turnover	NOUN
emaj-242	254	15	,	,	PUNCT
emaj-242	254	16	maturity	maturity	NOUN
emaj-242	254	17	structure	structure	NOUN
emaj-242	254	18	of	of	ADP
emaj-242	254	19	liabilities	liability	NOUN
emaj-242	254	20	,	,	PUNCT
emaj-242	254	21	roe	roe	NOUN
emaj-242	254	22	,	,	PUNCT
emaj-242	254	23	or	or	CCONJ
emaj-242	254	24	asset	asset	NOUN
emaj-242	254	25	turnover	turnover	NOUN
emaj-242	254	26	ratio	ratio	NOUN
emaj-242	254	27	and	and	CCONJ
emaj-242	254	28	stock	stock	NOUN
emaj-242	254	29	prices	price	NOUN
emaj-242	254	30	and	and	CCONJ
emaj-242	254	31	it	it	PRON
emaj-242	254	32	was	be	AUX
emaj-242	254	33	concluded	conclude	VERB
emaj-242	254	34	that	that	SCONJ
emaj-242	254	35	these	these	DET
emaj-242	254	36	ratios	ratio	NOUN
emaj-242	254	37	do	do	AUX
emaj-242	254	38	not	not	PART
emaj-242	254	39	affect	affect	VERB
emaj-242	254	40	those	those	DET
emaj-242	254	41	prices	price	NOUN
emaj-242	254	42	.	.	PUNCT
emaj-242	255	1	thus	thus	ADV
emaj-242	255	2	,	,	PUNCT
emaj-242	255	3	this	this	DET
emaj-242	255	4	study	study	NOUN
emaj-242	255	5	has	have	AUX
emaj-242	255	6	demonstrated	demonstrate	VERB
emaj-242	255	7	that	that	SCONJ
emaj-242	255	8	profitability	profitability	NOUN
emaj-242	255	9	ratios	ratio	NOUN
emaj-242	255	10	affect	affect	VERB
emaj-242	255	11	stock	stock	NOUN
emaj-242	255	12	prices	price	NOUN
emaj-242	255	13	of	of	ADP
emaj-242	255	14	automotive	automotive	ADJ
emaj-242	255	15	companies	company	NOUN
emaj-242	255	16	traded	trade	VERB
emaj-242	255	17	in	in	ADP
emaj-242	255	18	other	other	ADJ
emaj-242	255	19	countries	country	NOUN
emaj-242	255	20	’	'	PUNCT
emaj-242	255	21	stock	stock	NOUN
emaj-242	255	22	exchanges	exchange	NOUN
emaj-242	255	23	but	but	CCONJ
emaj-242	255	24	not	not	PART
emaj-242	255	25	those	those	PRON
emaj-242	255	26	of	of	ADP
emaj-242	255	27	automotive	automotive	ADJ
emaj-242	255	28	companies	company	NOUN
emaj-242	255	29	traded	trade	VERB
emaj-242	255	30	in	in	ADP
emaj-242	255	31	turkey	turkey	NOUN
emaj-242	255	32	.	.	PUNCT
emaj-242	256	1	the	the	DET
emaj-242	256	2	present	present	ADJ
emaj-242	256	3	research	research	NOUN
emaj-242	256	4	focused	focus	VERB
emaj-242	256	5	on	on	ADP
emaj-242	256	6	the	the	DET
emaj-242	256	7	effects	effect	NOUN
emaj-242	256	8	of	of	ADP
emaj-242	256	9	changes	change	NOUN
emaj-242	256	10	in	in	ADP
emaj-242	256	11	companies	company	NOUN
emaj-242	256	12	’	'	PUNCT
emaj-242	256	13	financial	financial	ADJ
emaj-242	256	14	ratios	ratio	NOUN
emaj-242	256	15	on	on	ADP
emaj-242	256	16	stock	stock	NOUN
emaj-242	256	17	prices	price	NOUN
emaj-242	256	18	based	base	VERB
emaj-242	256	19	on	on	ADP
emaj-242	256	20	data	datum	NOUN
emaj-242	256	21	from	from	ADP
emaj-242	256	22	a	a	DET
emaj-242	256	23	total	total	NOUN
emaj-242	256	24	of	of	ADP
emaj-242	256	25	13	13	NUM
emaj-242	256	26	automotive	automotive	ADJ
emaj-242	256	27	enterprises	enterprise	NOUN
emaj-242	256	28	traded	trade	VERB
emaj-242	256	29	in	in	ADP
emaj-242	256	30	turkey	turkey	NOUN
emaj-242	256	31	and	and	CCONJ
emaj-242	256	32	in	in	ADP
emaj-242	256	33	other	other	ADJ
emaj-242	256	34	countries	country	NOUN
emaj-242	256	35	’	'	PUNCT
emaj-242	256	36	stock	stock	NOUN
emaj-242	256	37	exchanges	exchange	NOUN
emaj-242	256	38	with	with	ADP
emaj-242	256	39	the	the	DET
emaj-242	256	40	aim	aim	NOUN
emaj-242	256	41	of	of	ADP
emaj-242	256	42	contributing	contribute	VERB
emaj-242	256	43	to	to	ADP
emaj-242	256	44	the	the	DET
emaj-242	256	45	literature	literature	NOUN
emaj-242	256	46	on	on	ADP
emaj-242	256	47	this	this	DET
emaj-242	256	48	subject	subject	NOUN
emaj-242	256	49	with	with	ADP
emaj-242	256	50	sectoral	sectoral	ADJ
emaj-242	256	51	findings	finding	NOUN
emaj-242	256	52	.	.	PUNCT
emaj-242	257	1	in	in	ADP
emaj-242	257	2	future	future	ADJ
emaj-242	257	3	studies	study	NOUN
emaj-242	257	4	on	on	ADP
emaj-242	257	5	the	the	DET
emaj-242	257	6	effects	effect	NOUN
emaj-242	257	7	of	of	ADP
emaj-242	257	8	financial	financial	ADJ
emaj-242	257	9	ratios	ratio	NOUN
emaj-242	257	10	on	on	ADP
emaj-242	257	11	stock	stock	NOUN
emaj-242	257	12	prices	price	NOUN
emaj-242	257	13	,	,	PUNCT
emaj-242	257	14	different	different	ADJ
emaj-242	257	15	sectors	sector	NOUN
emaj-242	257	16	can	can	AUX
emaj-242	257	17	be	be	AUX
emaj-242	257	18	analyzed	analyze	VERB
emaj-242	257	19	to	to	PART
emaj-242	257	20	determine	determine	VERB
emaj-242	257	21	which	which	PRON
emaj-242	257	22	particular	particular	ADJ
emaj-242	257	23	sectors	sector	NOUN
emaj-242	257	24	and	and	CCONJ
emaj-242	257	25	ratios	ratio	NOUN
emaj-242	257	26	have	have	VERB
emaj-242	257	27	correlations	correlation	NOUN
emaj-242	257	28	with	with	ADP
emaj-242	257	29	stock	stock	NOUN
emaj-242	257	30	prices	price	NOUN
emaj-242	257	31	.	.	PUNCT
emaj-242	258	1	such	such	ADJ
emaj-242	258	2	research	research	NOUN
emaj-242	258	3	would	would	AUX
emaj-242	258	4	make	make	VERB
emaj-242	258	5	it	it	PRON
emaj-242	258	6	possible	possible	ADJ
emaj-242	258	7	to	to	PART
emaj-242	258	8	identify	identify	VERB
emaj-242	258	9	the	the	DET
emaj-242	258	10	ratios	ratio	NOUN
emaj-242	258	11	that	that	PRON
emaj-242	258	12	can	can	AUX
emaj-242	258	13	effectively	effectively	ADV
emaj-242	258	14	determine	determine	VERB
emaj-242	258	15	stock	stock	NOUN
emaj-242	258	16	prices	price	NOUN
emaj-242	258	17	across	across	ADP
emaj-242	258	18	multiple	multiple	ADJ
emaj-242	258	19	sectors	sector	NOUN
emaj-242	258	20	.	.	PUNCT
emaj-242	259	1	instead	instead	ADV
emaj-242	259	2	of	of	ADP
emaj-242	259	3	adding	add	VERB
emaj-242	259	4	individual	individual	ADJ
emaj-242	259	5	ratios	ratio	NOUN
emaj-242	259	6	to	to	ADP
emaj-242	259	7	their	their	PRON
emaj-242	259	8	models	model	NOUN
emaj-242	259	9	,	,	PUNCT
emaj-242	259	10	researchers	researcher	NOUN
emaj-242	259	11	could	could	AUX
emaj-242	259	12	categorize	categorize	VERB
emaj-242	259	13	the	the	DET
emaj-242	259	14	ratios	ratio	NOUN
emaj-242	259	15	that	that	PRON
emaj-242	259	16	correlate	correlate	VERB
emaj-242	259	17	with	with	ADP
emaj-242	259	18	each	each	DET
emaj-242	259	19	other	other	ADJ
emaj-242	259	20	via	via	ADP
emaj-242	259	21	factor	factor	NOUN
emaj-242	259	22	analysis	analysis	NOUN
emaj-242	259	23	and	and	CCONJ
emaj-242	259	24	then	then	ADV
emaj-242	259	25	establish	establish	VERB
emaj-242	259	26	simpler	simple	ADJ
emaj-242	259	27	models	model	NOUN
emaj-242	259	28	with	with	ADP
emaj-242	259	29	smaller	small	ADJ
emaj-242	259	30	numbers	number	NOUN
emaj-242	259	31	of	of	ADP
emaj-242	259	32	variables	variable	NOUN
emaj-242	259	33	.	.	PUNCT
emaj-242	260	1	finally	finally	ADV
emaj-242	260	2	,	,	PUNCT
emaj-242	260	3	research	research	NOUN
emaj-242	260	4	on	on	ADP
emaj-242	260	5	this	this	DET
emaj-242	260	6	volume	volume	NOUN
emaj-242	260	7	12	12	NUM
emaj-242	260	8	no	no	DET
emaj-242	260	9	1	1	NUM
emaj-242	260	10	(	(	PUNCT
emaj-242	260	11	2022	2022	NUM
emaj-242	260	12	)	)	PUNCT
emaj-242	260	13	|	|	ADV
emaj-242	260	14	issn	issn	VERB
emaj-242	260	15	2158	2158	NUM
emaj-242	260	16	-	-	SYM
emaj-242	260	17	8708	8708	NUM
emaj-242	260	18	(	(	PUNCT
emaj-242	260	19	online	online	NOUN
emaj-242	260	20	)	)	PUNCT
emaj-242	260	21	|	|	ADV
emaj-242	260	22	doi	doi	X
emaj-242	260	23	10.5195	10.5195	NUM
emaj-242	260	24	/	/	SYM
emaj-242	260	25	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	260	26	|	|	ADV
emaj-242	260	27	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-242	260	28	nurten	nurten	PROPN
emaj-242	260	29	dönmez	dönmez	NOUN
emaj-242	260	30	,	,	PUNCT
emaj-242	260	31	turgut	turgut	VERB
emaj-242	260	32	özkan	özkan	VERB
emaj-242	260	33	emerging	emerge	VERB
emaj-242	260	34	markets	market	NOUN
emaj-242	260	35	journal	journal	NOUN
emaj-242	261	1	|	|	ADV
emaj-242	261	2	p	p	NOUN
emaj-242	261	3	a	a	DET
emaj-242	261	4	g	g	NOUN
emaj-242	261	5	e	e	NOUN
emaj-242	261	6	1	1	NUM
emaj-242	261	7	1	1	NUM
emaj-242	261	8	subject	subject	NOUN
emaj-242	261	9	can	can	AUX
emaj-242	261	10	be	be	AUX
emaj-242	261	11	expanded	expand	VERB
emaj-242	261	12	in	in	ADP
emaj-242	261	13	the	the	DET
emaj-242	261	14	future	future	NOUN
emaj-242	261	15	with	with	ADP
emaj-242	261	16	the	the	DET
emaj-242	261	17	consideration	consideration	NOUN
emaj-242	261	18	of	of	ADP
emaj-242	261	19	other	other	ADJ
emaj-242	261	20	macroeconomic	macroeconomic	ADJ
emaj-242	261	21	variables	variable	NOUN
emaj-242	261	22	that	that	PRON
emaj-242	261	23	may	may	AUX
emaj-242	261	24	affect	affect	VERB
emaj-242	261	25	stock	stock	NOUN
emaj-242	261	26	prices	price	NOUN
emaj-242	261	27	together	together	ADV
emaj-242	261	28	with	with	ADP
emaj-242	261	29	financial	financial	ADJ
emaj-242	261	30	ratios	ratio	NOUN
emaj-242	261	31	.	.	PUNCT
emaj-242	262	1	references	reference	NOUN
emaj-242	262	2	aktas	akta	NOUN
emaj-242	262	3	,	,	PUNCT
emaj-242	262	4	m.	m.	NOUN
emaj-242	262	5	(	(	PUNCT
emaj-242	262	6	2009	2009	NUM
emaj-242	262	7	)	)	PUNCT
emaj-242	262	8	.	.	PUNCT
emaj-242	263	1	i̇stanbul	i̇stanbul	INTJ
emaj-242	263	2	menkul	menkul	PROPN
emaj-242	263	3	kıymetler	kıymetler	PROPN
emaj-242	263	4	borsasında	borsasında	PROPN
emaj-242	263	5	hisse	hisse	PROPN
emaj-242	263	6	senedi	senedi	PROPN
emaj-242	263	7	getirilileri	getirilileri	PROPN
emaj-242	264	1	ile	ile	PROPN
emaj-242	264	2	i̇lişkili	i̇lişkili	PROPN
emaj-242	264	3	olan	olan	PROPN
emaj-242	264	4	finansal	finansal	PROPN
emaj-242	264	5	oranların	oranların	PROPN
emaj-242	264	6	araştırılması	araştırılması	PROPN
emaj-242	264	7	.	.	PUNCT
emaj-242	265	1	i̇stanbul	i̇stanbul	PROPN
emaj-242	266	1	üniversitesi	üniversitesi	PROPN
emaj-242	266	2	i̇şletme	i̇şletme	VERB
emaj-242	266	3	fakültesi	fakültesi	PROPN
emaj-242	266	4	dergisi	dergisi	PROPN
emaj-242	266	5	,	,	PUNCT
emaj-242	266	6	37(2	37(2	PROPN
emaj-242	266	7	)	)	PUNCT
emaj-242	266	8	,	,	PUNCT
emaj-242	266	9	137	137	NUM
emaj-242	266	10	-	-	SYM
emaj-242	266	11	150	150	NUM
emaj-242	266	12	.	.	PUNCT
emaj-242	267	1	alexakis	alexakis	PROPN
emaj-242	267	2	,	,	PUNCT
emaj-242	267	3	c.	c.	PROPN
emaj-242	267	4	,	,	PUNCT
emaj-242	267	5	patra	patra	PROPN
emaj-242	267	6	,	,	PUNCT
emaj-242	267	7	t.	t.	PROPN
emaj-242	267	8	,	,	PUNCT
emaj-242	267	9	and	and	CCONJ
emaj-242	267	10	poshakwale	poshakwale	NOUN
emaj-242	267	11	,	,	PUNCT
emaj-242	267	12	s.	s.	PROPN
emaj-242	267	13	(	(	PUNCT
emaj-242	267	14	2010	2010	NUM
emaj-242	267	15	)	)	PUNCT
emaj-242	267	16	.	.	PUNCT
emaj-242	268	1	predictability	predictability	NOUN
emaj-242	268	2	of	of	ADP
emaj-242	268	3	stock	stock	NOUN
emaj-242	268	4	returns	return	NOUN
emaj-242	268	5	using	use	VERB
emaj-242	268	6	financial	financial	ADJ
emaj-242	268	7	statement	statement	NOUN
emaj-242	268	8	information	information	NOUN
emaj-242	268	9	:	:	PUNCT
emaj-242	268	10	evidence	evidence	NOUN
emaj-242	268	11	on	on	ADP
emaj-242	268	12	semistrong	semistrong	ADJ
emaj-242	268	13	efficiency	efficiency	NOUN
emaj-242	268	14	of	of	ADP
emaj-242	268	15	emerging	emerge	VERB
emaj-242	268	16	greek	greek	ADJ
emaj-242	268	17	stock	stock	NOUN
emaj-242	268	18	market	market	NOUN
emaj-242	268	19	.	.	PUNCT
emaj-242	269	1	applied	apply	VERB
emaj-242	269	2	financial	financial	ADJ
emaj-242	269	3	economics	economic	NOUN
emaj-242	269	4	,	,	PUNCT
emaj-242	269	5	20(16	20(16	NUM
emaj-242	269	6	)	)	PUNCT
emaj-242	269	7	,	,	PUNCT
emaj-242	269	8	1321	1321	NUM
emaj-242	269	9	-	-	SYM
emaj-242	269	10	1326	1326	NUM
emaj-242	269	11	.	.	PUNCT
emaj-242	270	1	aydemir	aydemir	PROPN
emaj-242	270	2	,	,	PUNCT
emaj-242	270	3	o.	o.	PROPN
emaj-242	270	4	,	,	PUNCT
emaj-242	270	5	serdar	serdar	PROPN
emaj-242	270	6	,	,	PUNCT
emaj-242	270	7	ö.	ö.	PROPN
emaj-242	270	8	,	,	PUNCT
emaj-242	270	9	and	and	CCONJ
emaj-242	270	10	demirtaş	demirtaş	NOUN
emaj-242	270	11	,	,	PUNCT
emaj-242	270	12	g.	g.	PROPN
emaj-242	270	13	(	(	PUNCT
emaj-242	270	14	2012	2012	NUM
emaj-242	270	15	)	)	PUNCT
emaj-242	270	16	.	.	PUNCT
emaj-242	271	1	hisse	hisse	PROPN
emaj-242	271	2	senetleri	senetleri	ADJ
emaj-242	271	3	fiyatlarının	fiyatlarının	NOUN
emaj-242	271	4	belirlenmesinde	belirlenmesinde	PROPN
emaj-242	271	5	finansal	finansal	PROPN
emaj-242	271	6	oranların	oranların	PROPN
emaj-242	271	7	rolü	rolü	NOUN
emaj-242	271	8	.	.	PUNCT
emaj-242	272	1	yönetim	yönetim	PROPN
emaj-242	272	2	ve	ve	PROPN
emaj-242	272	3	ekonomi	ekonomi	PROPN
emaj-242	272	4	:	:	PUNCT
emaj-242	272	5	celal	celal	PROPN
emaj-242	272	6	bayar	bayar	PROPN
emaj-242	272	7	üniversitesi	üniversitesi	PROPN
emaj-242	272	8	i̇ktisadi	i̇ktisadi	PROPN
emaj-242	272	9	ve	ve	ADP
emaj-242	272	10	i̇dari	i̇dari	ADJ
emaj-242	272	11	bilimler	bilimler	PROPN
emaj-242	272	12	fakültesi	fakültesi	PROPN
emaj-242	272	13	dergisi	dergisi	PROPN
emaj-242	272	14	,	,	PUNCT
emaj-242	272	15	19(2	19(2	NUM
emaj-242	272	16	)	)	PUNCT
emaj-242	272	17	,	,	PUNCT
emaj-242	272	18	277	277	NUM
emaj-242	272	19	-	-	SYM
emaj-242	272	20	288	288	NUM
emaj-242	272	21	.	.	PUNCT
emaj-242	273	1	ayrıçay	ayrıçay	PROPN
emaj-242	273	2	,	,	PUNCT
emaj-242	273	3	y.	y.	PROPN
emaj-242	273	4	,	,	PUNCT
emaj-242	273	5	and	and	CCONJ
emaj-242	273	6	eren	eren	PROPN
emaj-242	273	7	,	,	PUNCT
emaj-242	273	8	t.	t.	PROPN
emaj-242	273	9	(	(	PUNCT
emaj-242	273	10	2014	2014	NUM
emaj-242	273	11	)	)	PUNCT
emaj-242	273	12	.	.	PUNCT
emaj-242	274	1	finansal	finansal	PROPN
emaj-242	274	2	oranlar	oranlar	PROPN
emaj-242	274	3	ve	ve	PROPN
emaj-242	274	4	firma	firma	X
emaj-242	274	5	değeri	değeri	PROPN
emaj-242	274	6	i̇lişkisi	i̇lişkisi	NUM
emaj-242	274	7	:	:	PUNCT
emaj-242	274	8	bist'de	bist'de	PROPN
emaj-242	274	9	bir	bir	PROPN
emaj-242	274	10	uygulama	uygulama	PROPN
emaj-242	274	11	.	.	PUNCT
emaj-242	275	1	journal	journal	PROPN
emaj-242	275	2	of	of	ADP
emaj-242	275	3	accounting	accounting	PROPN
emaj-242	275	4	&	&	CCONJ
emaj-242	275	5	finance	finance	PROPN
emaj-242	275	6	,	,	PUNCT
emaj-242	275	7	ekim	ekim	PROPN
emaj-242	275	8	2014(64	2014(64	NUM
emaj-242	275	9	)	)	PUNCT
emaj-242	275	10	.	.	PUNCT
emaj-242	276	1	birgili	birgili	NOUN
emaj-242	276	2	,	,	PUNCT
emaj-242	276	3	e.	e.	PROPN
emaj-242	276	4	,	,	PUNCT
emaj-242	276	5	and	and	CCONJ
emaj-242	276	6	düzer	düzer	NOUN
emaj-242	276	7	,	,	PUNCT
emaj-242	276	8	m.	m.	NOUN
emaj-242	276	9	(	(	PUNCT
emaj-242	276	10	2010	2010	NUM
emaj-242	276	11	)	)	PUNCT
emaj-242	276	12	.	.	PUNCT
emaj-242	277	1	finansal	finansal	PROPN
emaj-242	277	2	analizde	analizde	PROPN
emaj-242	277	3	kullanılan	kullanılan	PROPN
emaj-242	277	4	oranlar	oranlar	PROPN
emaj-242	277	5	ve	ve	PROPN
emaj-242	277	6	firma	firma	X
emaj-242	277	7	değeri	değeri	PROPN
emaj-242	277	8	i̇lişkisi	i̇lişkisi	NUM
emaj-242	277	9	:	:	PUNCT
emaj-242	277	10	i̇mkb’de	i̇mkb’de	NUM
emaj-242	277	11	bir	bir	NOUN
emaj-242	277	12	uygulama	uygulama	NOUN
emaj-242	277	13	.	.	PUNCT
emaj-242	278	1	muhasebe	muhasebe	NOUN
emaj-242	278	2	ve	ve	VERB
emaj-242	278	3	finansman	finansman	ADJ
emaj-242	278	4	dergisi(46	dergisi(46	NOUN
emaj-242	278	5	)	)	PUNCT
emaj-242	278	6	,	,	PUNCT
emaj-242	278	7	74	74	NUM
emaj-242	278	8	-	-	SYM
emaj-242	278	9	83	83	NUM
emaj-242	278	10	.	.	PUNCT
emaj-242	278	11	büyükşalvarcı	büyükşalvarcı	NOUN
emaj-242	278	12	,	,	PUNCT
emaj-242	278	13	a.	a.	NOUN
emaj-242	278	14	(	(	PUNCT
emaj-242	278	15	2011	2011	NUM
emaj-242	278	16	)	)	PUNCT
emaj-242	278	17	.	.	PUNCT
emaj-242	279	1	finansal	finansal	PROPN
emaj-242	279	2	analizde	analizde	PROPN
emaj-242	279	3	kullanılan	kullanılan	PROPN
emaj-242	279	4	oranlar	oranlar	PROPN
emaj-242	279	5	ve	ve	VERB
emaj-242	279	6	hisse	hisse	NOUN
emaj-242	279	7	senedi	senedi	PROPN
emaj-242	279	8	getirileri	getirileri	PROPN
emaj-242	279	9	arasındaki	arasındaki	PROPN
emaj-242	279	10	i̇lişki	i̇lişki	PROPN
emaj-242	279	11	:	:	PUNCT
emaj-242	279	12	ekonomik	ekonomik	PROPN
emaj-242	279	13	kriz	kriz	PROPN
emaj-242	279	14	dönemleri	dönemleri	PROPN
emaj-242	279	15	için	için	PROPN
emaj-242	279	16	i̇mkb	i̇mkb	PROPN
emaj-242	279	17	i̇malat	i̇malat	ADJ
emaj-242	279	18	sanayi	sanayi	VERB
emaj-242	279	19	şirketleri	şirketleri	PROPN
emaj-242	279	20	üzerine	üzerine	PROPN
emaj-242	279	21	ampirik	ampirik	PROPN
emaj-242	279	22	bir	bir	PROPN
emaj-242	279	23	uygulama	uygulama	PROPN
emaj-242	279	24	.	.	PUNCT
emaj-242	280	1	atatürk	atatürk	PROPN
emaj-242	280	2	üniversitesi	üniversitesi	PROPN
emaj-242	280	3	i̇ktisadi	i̇ktisadi	PROPN
emaj-242	280	4	ve	ve	ADP
emaj-242	280	5	i̇dari	i̇dari	ADJ
emaj-242	280	6	bilimler	bilimler	PROPN
emaj-242	280	7	dergisi	dergisi	PROPN
emaj-242	280	8	,	,	PUNCT
emaj-242	280	9	25(1	25(1	NUM
emaj-242	280	10	)	)	PUNCT
emaj-242	280	11	,	,	PUNCT
emaj-242	280	12	225	225	NUM
emaj-242	280	13	-	-	SYM
emaj-242	280	14	241	241	NUM
emaj-242	280	15	.	.	PUNCT
emaj-242	281	1	dwi	dwi	PROPN
emaj-242	281	2	martani	martani	PROPN
emaj-242	281	3	,	,	PUNCT
emaj-242	281	4	m.	m.	NOUN
emaj-242	281	5	,	,	PUNCT
emaj-242	281	6	and	and	CCONJ
emaj-242	281	7	khairurizka	khairurizka	PROPN
emaj-242	281	8	,	,	PUNCT
emaj-242	281	9	r.	r.	PROPN
emaj-242	281	10	(	(	PUNCT
emaj-242	281	11	2009	2009	NUM
emaj-242	281	12	)	)	PUNCT
emaj-242	281	13	.	.	PUNCT
emaj-242	282	1	the	the	DET
emaj-242	282	2	effect	effect	NOUN
emaj-242	282	3	of	of	ADP
emaj-242	282	4	financial	financial	ADJ
emaj-242	282	5	ratios	ratio	NOUN
emaj-242	282	6	,	,	PUNCT
emaj-242	282	7	firm	firm	ADJ
emaj-242	282	8	size	size	NOUN
emaj-242	282	9	,	,	PUNCT
emaj-242	282	10	and	and	CCONJ
emaj-242	282	11	cash	cash	NOUN
emaj-242	282	12	flow	flow	NOUN
emaj-242	282	13	from	from	ADP
emaj-242	282	14	operating	operate	VERB
emaj-242	282	15	activities	activity	NOUN
emaj-242	282	16	in	in	ADP
emaj-242	282	17	the	the	DET
emaj-242	282	18	interim	interim	ADJ
emaj-242	282	19	report	report	NOUN
emaj-242	282	20	to	to	ADP
emaj-242	282	21	the	the	DET
emaj-242	282	22	stock	stock	NOUN
emaj-242	282	23	return	return	NOUN
emaj-242	282	24	.	.	PUNCT
emaj-242	283	1	chinese	chinese	ADJ
emaj-242	283	2	business	business	PROPN
emaj-242	283	3	review	review	PROPN
emaj-242	283	4	,	,	PUNCT
emaj-242	283	5	8(6	8(6	NUM
emaj-242	283	6	)	)	PUNCT
emaj-242	283	7	,	,	PUNCT
emaj-242	283	8	44	44	NUM
emaj-242	283	9	-	-	SYM
emaj-242	283	10	55	55	NUM
emaj-242	283	11	.	.	PUNCT
emaj-242	284	1	gujarati	gujarati	PROPN
emaj-242	284	2	,	,	PUNCT
emaj-242	284	3	d.	d.	PROPN
emaj-242	284	4	n.	n.	PROPN
emaj-242	284	5	(	(	PUNCT
emaj-242	284	6	2004	2004	NUM
emaj-242	284	7	)	)	PUNCT
emaj-242	284	8	.	.	PUNCT
emaj-242	285	1	basic	basic	ADJ
emaj-242	285	2	econometrics	econometric	NOUN
emaj-242	285	3	(	(	PUNCT
emaj-242	285	4	4.baskı	4.baskı	NUM
emaj-242	285	5	)	)	PUNCT
emaj-242	285	6	.	.	PUNCT
emaj-242	286	1	new	new	PROPN
emaj-242	286	2	york	york	PROPN
emaj-242	286	3	:	:	PUNCT
emaj-242	286	4	the	the	DET
emaj-242	286	5	mcgraw−hill	mcgraw−hill	ADJ
emaj-242	286	6	companies	company	NOUN
emaj-242	286	7	.	.	PUNCT
emaj-242	287	1	gümüş	gümüş	PROPN
emaj-242	287	2	,	,	PUNCT
emaj-242	287	3	u.	u.	PROPN
emaj-242	287	4	t.	t.	PROPN
emaj-242	287	5	,	,	PUNCT
emaj-242	287	6	şakar	şakar	NOUN
emaj-242	287	7	,	,	PUNCT
emaj-242	287	8	z.	z.	PROPN
emaj-242	287	9	,	,	PUNCT
emaj-242	287	10	akkın	akkın	PROPN
emaj-242	287	11	,	,	PUNCT
emaj-242	287	12	g.	g.	PROPN
emaj-242	287	13	,	,	PUNCT
emaj-242	287	14	and	and	CCONJ
emaj-242	287	15	şahin	şahin	PROPN
emaj-242	287	16	,	,	PUNCT
emaj-242	287	17	m.	m.	NOUN
emaj-242	287	18	(	(	PUNCT
emaj-242	287	19	2017	2017	NUM
emaj-242	287	20	)	)	PUNCT
emaj-242	287	21	.	.	PUNCT
emaj-242	288	1	finansal	finansal	PROPN
emaj-242	288	2	analizde	analizde	PROPN
emaj-242	288	3	kullanılan	kullanılan	PROPN
emaj-242	288	4	oranlar	oranlar	PROPN
emaj-242	288	5	ve	ve	AUX
emaj-242	288	6	firma	firma	X
emaj-242	288	7	değer	değer	NOUN
emaj-242	288	8	i̇lişkisi	i̇lişkisi	NUM
emaj-242	288	9	:	:	PUNCT
emaj-242	288	10	bist’te	bist’te	PROPN
emaj-242	288	11	i̇şlem	i̇şlem	NOUN
emaj-242	288	12	gören	gören	PROPN
emaj-242	288	13	çimento	çimento	ADP
emaj-242	288	14	firmaları	firmaları	PROPN
emaj-242	288	15	üzerine	üzerine	PROPN
emaj-242	288	16	bir	bir	PROPN
emaj-242	288	17	analiz	analiz	PROPN
emaj-242	288	18	.	.	PUNCT
emaj-242	289	1	karadeniz	karadeniz	PROPN
emaj-242	289	2	sosyal	sosyal	PROPN
emaj-242	289	3	bilimler	bilimler	PROPN
emaj-242	289	4	dergisi	dergisi	PROPN
emaj-242	289	5	,	,	PUNCT
emaj-242	289	6	9(16	9(16	NOUN
emaj-242	289	7	)	)	PUNCT
emaj-242	289	8	,	,	PUNCT
emaj-242	289	9	1	1	NUM
emaj-242	289	10	-	-	SYM
emaj-242	289	11	23	23	NUM
emaj-242	289	12	.	.	PUNCT
emaj-242	290	1	güngör	güngör	PROPN
emaj-242	290	2	,	,	PUNCT
emaj-242	290	3	b.	b.	PROPN
emaj-242	290	4	,	,	PUNCT
emaj-242	290	5	and	and	CCONJ
emaj-242	290	6	kaygın	kaygın	PROPN
emaj-242	290	7	,	,	PUNCT
emaj-242	290	8	c.	c.	PROPN
emaj-242	290	9	y.	y.	PROPN
emaj-242	290	10	(	(	PUNCT
emaj-242	290	11	2015	2015	NUM
emaj-242	290	12	)	)	PUNCT
emaj-242	290	13	.	.	PUNCT
emaj-242	291	1	dinamik	dinamik	ADJ
emaj-242	291	2	panel	panel	PROPN
emaj-242	291	3	veri	veri	PROPN
emaj-242	291	4	analizi	analizi	PROPN
emaj-242	291	5	ile	ile	PROPN
emaj-242	291	6	hisse	hisse	NOUN
emaj-242	291	7	senedi	senedi	VERB
emaj-242	291	8	fiyatını	fiyatını	VERB
emaj-242	291	9	etkileyen	etkileyen	PROPN
emaj-242	291	10	faktörlerin	faktörlerin	PROPN
emaj-242	291	11	belirlenmesi	belirlenmesi	PROPN
emaj-242	291	12	.	.	PUNCT
emaj-242	292	1	kafkas	kafkas	PROPN
emaj-242	292	2	üniversitesi	üniversitesi	PROPN
emaj-242	292	3	i̇ktisadi	i̇ktisadi	PROPN
emaj-242	292	4	ve	ve	ADP
emaj-242	292	5	i̇dari	i̇dari	ADJ
emaj-242	292	6	bilimler	bilimler	PROPN
emaj-242	292	7	fakültesi	fakültesi	PROPN
emaj-242	292	8	dergisi	dergisi	PROPN
emaj-242	292	9	,	,	PUNCT
emaj-242	292	10	6(9	6(9	NUM
emaj-242	292	11	)	)	PUNCT
emaj-242	292	12	,	,	PUNCT
emaj-242	292	13	149	149	NUM
emaj-242	292	14	-	-	SYM
emaj-242	292	15	168	168	NUM
emaj-242	292	16	.	.	PUNCT
emaj-242	293	1	hadri	hadri	PROPN
emaj-242	293	2	,	,	PUNCT
emaj-242	293	3	k.	k.	PROPN
emaj-242	293	4	,	,	PUNCT
emaj-242	293	5	and	and	CCONJ
emaj-242	293	6	kurozumi	kurozumi	PROPN
emaj-242	293	7	,	,	PUNCT
emaj-242	293	8	e.	e.	PROPN
emaj-242	293	9	(	(	PUNCT
emaj-242	293	10	2012	2012	NUM
emaj-242	293	11	)	)	PUNCT
emaj-242	293	12	.	.	PUNCT
emaj-242	294	1	a	a	DET
emaj-242	294	2	simple	simple	ADJ
emaj-242	294	3	panel	panel	NOUN
emaj-242	294	4	stationarity	stationarity	NOUN
emaj-242	294	5	test	test	NOUN
emaj-242	294	6	in	in	ADP
emaj-242	294	7	the	the	DET
emaj-242	294	8	presence	presence	NOUN
emaj-242	294	9	of	of	ADP
emaj-242	294	10	serial	serial	ADJ
emaj-242	294	11	correlation	correlation	NOUN
emaj-242	294	12	and	and	CCONJ
emaj-242	294	13	a	a	DET
emaj-242	294	14	common	common	ADJ
emaj-242	294	15	factor	factor	NOUN
emaj-242	294	16	.	.	PUNCT
emaj-242	295	1	economics	economic	NOUN
emaj-242	295	2	letters	letter	NOUN
emaj-242	295	3	,	,	PUNCT
emaj-242	295	4	115	115	NUM
emaj-242	295	5	,	,	PUNCT
emaj-242	295	6	31	31	NUM
emaj-242	295	7	-	-	SYM
emaj-242	295	8	34	34	NUM
emaj-242	295	9	.	.	PUNCT
emaj-242	296	1	kalaycı	kalaycı	PROPN
emaj-242	296	2	,	,	PUNCT
emaj-242	296	3	ş	ş	X
emaj-242	296	4	.	.	NUM
emaj-242	296	5	,	,	PUNCT
emaj-242	296	6	and	and	CCONJ
emaj-242	296	7	karataş	karataş	NOUN
emaj-242	296	8	,	,	PUNCT
emaj-242	296	9	a.	a.	NOUN
emaj-242	296	10	(	(	PUNCT
emaj-242	296	11	2005	2005	NUM
emaj-242	296	12	)	)	PUNCT
emaj-242	296	13	.	.	PUNCT
emaj-242	297	1	hisse	hisse	PROPN
emaj-242	297	2	senedi	senedi	PROPN
emaj-242	297	3	getirileri	getirileri	PROPN
emaj-242	297	4	ve	ve	PROPN
emaj-242	297	5	finansal	finansal	PROPN
emaj-242	297	6	oranlar	oranlar	ADJ
emaj-242	297	7	i̇lişkisi	i̇lişkisi	NUM
emaj-242	297	8	:	:	PUNCT
emaj-242	297	9	i̇mkb’de	i̇mkb’de	NUM
emaj-242	297	10	bir	bir	NOUN
emaj-242	297	11	temel	temel	NOUN
emaj-242	297	12	analiz	analiz	PROPN
emaj-242	297	13	araştırması	araştırması	PROPN
emaj-242	297	14	.	.	PUNCT
emaj-242	298	1	muhasebe	muhasebe	NOUN
emaj-242	298	2	ve	ve	AUX
emaj-242	298	3	finansman	finansman	VERB
emaj-242	298	4	dergisi(27	dergisi(27	NOUN
emaj-242	298	5	)	)	PUNCT
emaj-242	298	6	,	,	PUNCT
emaj-242	298	7	146	146	NUM
emaj-242	298	8	-	-	SYM
emaj-242	298	9	158	158	NUM
emaj-242	298	10	.	.	PUNCT
emaj-242	299	1	kendall	kendall	PROPN
emaj-242	299	2	,	,	PUNCT
emaj-242	299	3	m.	m.	NOUN
emaj-242	299	4	g.	g.	PROPN
emaj-242	299	5	,	,	PUNCT
emaj-242	299	6	and	and	CCONJ
emaj-242	299	7	hill	hill	PROPN
emaj-242	299	8	,	,	PUNCT
emaj-242	299	9	a.	a.	PROPN
emaj-242	299	10	b.	b.	PROPN
emaj-242	299	11	(	(	PUNCT
emaj-242	299	12	1953	1953	NUM
emaj-242	299	13	)	)	PUNCT
emaj-242	299	14	.	.	PUNCT
emaj-242	300	1	the	the	DET
emaj-242	300	2	analysis	analysis	NOUN
emaj-242	300	3	of	of	ADP
emaj-242	300	4	economic	economic	ADJ
emaj-242	300	5	time	time	NOUN
emaj-242	300	6	-	-	PUNCT
emaj-242	300	7	series	series	NOUN
emaj-242	300	8	-	-	PUNCT
emaj-242	300	9	part	part	NOUN
emaj-242	300	10	1	1	NUM
emaj-242	300	11	:	:	PUNCT
emaj-242	300	12	prices	price	NOUN
emaj-242	300	13	.	.	PUNCT
emaj-242	301	1	journal	journal	NOUN
emaj-242	301	2	of	of	ADP
emaj-242	301	3	the	the	DET
emaj-242	301	4	royal	royal	ADJ
emaj-242	301	5	statistical	statistical	ADJ
emaj-242	301	6	society	society	NOUN
emaj-242	301	7	.	.	PUNCT
emaj-242	302	1	series	series	PROPN
emaj-242	302	2	a	a	PRON
emaj-242	302	3	(	(	PUNCT
emaj-242	302	4	general	general	ADJ
emaj-242	302	5	)	)	PUNCT
emaj-242	302	6	,	,	PUNCT
emaj-242	302	7	116(1	116(1	NUM
emaj-242	302	8	)	)	PUNCT
emaj-242	302	9	,	,	PUNCT
emaj-242	302	10	11	11	NUM
emaj-242	302	11	-	-	SYM
emaj-242	302	12	34	34	NUM
emaj-242	302	13	.	.	PUNCT
emaj-242	303	1	khadafi	khadafi	PROPN
emaj-242	303	2	,	,	PUNCT
emaj-242	303	3	m.	m.	NOUN
emaj-242	303	4	,	,	PUNCT
emaj-242	303	5	heikal	heikal	NOUN
emaj-242	303	6	,	,	PUNCT
emaj-242	303	7	m.	m.	NOUN
emaj-242	303	8	,	,	PUNCT
emaj-242	303	9	and	and	CCONJ
emaj-242	303	10	ummah	ummah	PROPN
emaj-242	303	11	,	,	PUNCT
emaj-242	303	12	a.	a.	NOUN
emaj-242	303	13	(	(	PUNCT
emaj-242	303	14	2014	2014	NUM
emaj-242	303	15	)	)	PUNCT
emaj-242	303	16	.	.	PUNCT
emaj-242	304	1	influence	influence	NOUN
emaj-242	304	2	analysis	analysis	NOUN
emaj-242	304	3	of	of	ADP
emaj-242	304	4	return	return	NOUN
emaj-242	304	5	on	on	ADP
emaj-242	304	6	assets	asset	NOUN
emaj-242	304	7	(	(	PUNCT
emaj-242	304	8	roa	roa	NOUN
emaj-242	304	9	)	)	PUNCT
emaj-242	304	10	,	,	PUNCT
emaj-242	304	11	return	return	VERB
emaj-242	304	12	on	on	ADP
emaj-242	304	13	equity	equity	NOUN
emaj-242	304	14	(	(	PUNCT
emaj-242	304	15	roe	roe	PROPN
emaj-242	304	16	)	)	PUNCT
emaj-242	304	17	,	,	PUNCT
emaj-242	304	18	net	net	ADJ
emaj-242	304	19	profit	profit	NOUN
emaj-242	304	20	margin	margin	NOUN
emaj-242	304	21	(	(	PUNCT
emaj-242	304	22	npm	npm	PROPN
emaj-242	304	23	)	)	PUNCT
emaj-242	304	24	,	,	PUNCT
emaj-242	304	25	debt	debt	NOUN
emaj-242	304	26	to	to	ADP
emaj-242	304	27	equity	equity	NOUN
emaj-242	304	28	ratio	ratio	NOUN
emaj-242	304	29	(	(	PUNCT
emaj-242	304	30	der	der	NOUN
emaj-242	304	31	)	)	PUNCT
emaj-242	304	32	,	,	PUNCT
emaj-242	304	33	and	and	CCONJ
emaj-242	304	34	current	current	ADJ
emaj-242	304	35	ratio	ratio	NOUN
emaj-242	304	36	(	(	PUNCT
emaj-242	304	37	cr	cr	NOUN
emaj-242	304	38	)	)	PUNCT
emaj-242	304	39	,	,	PUNCT
emaj-242	304	40	against	against	ADP
emaj-242	304	41	corporate	corporate	ADJ
emaj-242	304	42	profit	profit	NOUN
emaj-242	304	43	growth	growth	NOUN
emaj-242	304	44	in	in	ADP
emaj-242	304	45	automotive	automotive	ADJ
emaj-242	304	46	in	in	ADP
emaj-242	304	47	indonesia	indonesia	PROPN
emaj-242	304	48	stock	stock	PROPN
emaj-242	304	49	exchange	exchange	PROPN
emaj-242	304	50	.	.	PUNCT
emaj-242	305	1	international	international	ADJ
emaj-242	305	2	journal	journal	PROPN
emaj-242	305	3	of	of	ADP
emaj-242	305	4	academic	academic	ADJ
emaj-242	305	5	research	research	NOUN
emaj-242	305	6	in	in	ADP
emaj-242	305	7	business	business	NOUN
emaj-242	305	8	and	and	CCONJ
emaj-242	305	9	social	social	ADJ
emaj-242	305	10	sciences	science	NOUN
emaj-242	305	11	,	,	PUNCT
emaj-242	305	12	4(12	4(12	NUM
emaj-242	305	13	)	)	PUNCT
emaj-242	305	14	.	.	PUNCT
emaj-242	306	1	kothari	kothari	PROPN
emaj-242	306	2	,	,	PUNCT
emaj-242	306	3	s.	s.	PROPN
emaj-242	306	4	p.	p.	PROPN
emaj-242	306	5	,	,	PUNCT
emaj-242	306	6	shanken	shanken	VERB
emaj-242	306	7	,	,	PUNCT
emaj-242	306	8	j.	j.	PROPN
emaj-242	306	9	,	,	PUNCT
emaj-242	306	10	and	and	CCONJ
emaj-242	306	11	sloan	sloan	PROPN
emaj-242	306	12	,	,	PUNCT
emaj-242	306	13	r.	r.	PROPN
emaj-242	306	14	g.	g.	PROPN
emaj-242	306	15	(	(	PUNCT
emaj-242	306	16	1995	1995	NUM
emaj-242	306	17	)	)	PUNCT
emaj-242	306	18	.	.	PUNCT
emaj-242	307	1	another	another	DET
emaj-242	307	2	look	look	NOUN
emaj-242	307	3	at	at	ADP
emaj-242	307	4	the	the	DET
emaj-242	307	5	cross‐section	cross‐section	NOUN
emaj-242	307	6	of	of	ADP
emaj-242	307	7	expected	expect	VERB
emaj-242	307	8	stock	stock	NOUN
emaj-242	307	9	returns	return	NOUN
emaj-242	307	10	.	.	PUNCT
emaj-242	308	1	the	the	DET
emaj-242	308	2	journal	journal	NOUN
emaj-242	308	3	of	of	ADP
emaj-242	308	4	finance	finance	NOUN
emaj-242	308	5	,	,	PUNCT
emaj-242	308	6	50(1	50(1	PROPN
emaj-242	308	7	)	)	PUNCT
emaj-242	308	8	,	,	PUNCT
emaj-242	308	9	185	185	NUM
emaj-242	308	10	-	-	SYM
emaj-242	308	11	224	224	NUM
emaj-242	308	12	.	.	PUNCT
emaj-242	309	1	kutlar	kutlar	ADJ
emaj-242	309	2	,	,	PUNCT
emaj-242	309	3	a.	a.	NOUN
emaj-242	309	4	(	(	PUNCT
emaj-242	309	5	2017	2017	NUM
emaj-242	309	6	)	)	PUNCT
emaj-242	309	7	.	.	PUNCT
emaj-242	310	1	adım	adım	PROPN
emaj-242	310	2	adım	adım	PROPN
emaj-242	310	3	e	e	NOUN
emaj-242	310	4	-	-	NOUN
emaj-242	310	5	views	views	VERB
emaj-242	310	6	ile	ile	PROPN
emaj-242	310	7	panel	panel	PROPN
emaj-242	310	8	veri	veri	PROPN
emaj-242	310	9	ekonometrisi	ekonometrisi	PROPN
emaj-242	310	10	uygulamaları	uygulamaları	PROPN
emaj-242	310	11	(	(	PUNCT
emaj-242	310	12	1st	1st	ADJ
emaj-242	310	13	ed	ed	NOUN
emaj-242	310	14	)	)	PUNCT
emaj-242	310	15	.	.	PUNCT
emaj-242	311	1	kocaeli	kocaeli	PROPN
emaj-242	311	2	:	:	PUNCT
emaj-242	311	3	umuttepe	umuttepe	NOUN
emaj-242	311	4	yayınları	yayınları	NOUN
emaj-242	311	5	.	.	PUNCT
emaj-242	312	1	lebo	lebo	NOUN
emaj-242	312	2	,	,	PUNCT
emaj-242	312	3	t.	t.	PROPN
emaj-242	312	4	c.	c.	PROPN
emaj-242	312	5	,	,	PUNCT
emaj-242	312	6	saerang	saerang	PROPN
emaj-242	312	7	,	,	PUNCT
emaj-242	312	8	d.	d.	PROPN
emaj-242	312	9	p.	p.	PROPN
emaj-242	312	10	,	,	PUNCT
emaj-242	312	11	and	and	CCONJ
emaj-242	312	12	tasik	tasik	PROPN
emaj-242	312	13	,	,	PUNCT
emaj-242	312	14	h.	h.	PROPN
emaj-242	312	15	h.	h.	PROPN
emaj-242	312	16	(	(	PUNCT
emaj-242	312	17	2017	2017	NUM
emaj-242	312	18	)	)	PUNCT
emaj-242	312	19	.	.	PUNCT
emaj-242	313	1	the	the	DET
emaj-242	313	2	impact	impact	NOUN
emaj-242	313	3	of	of	ADP
emaj-242	313	4	financial	financial	ADJ
emaj-242	313	5	ratios	ratio	NOUN
emaj-242	313	6	on	on	ADP
emaj-242	313	7	price	price	NOUN
emaj-242	313	8	to	to	ADP
emaj-242	313	9	book	book	NOUN
emaj-242	313	10	value	value	NOUN
emaj-242	313	11	(	(	PUNCT
emaj-242	313	12	pbv	pbv	VERB
emaj-242	313	13	)	)	PUNCT
emaj-242	313	14	in	in	ADP
emaj-242	313	15	automotive	automotive	ADJ
emaj-242	313	16	and	and	CCONJ
emaj-242	313	17	component	component	NOUN
emaj-242	313	18	sub	sub	NOUN
emaj-242	313	19	sector	sector	NOUN
emaj-242	313	20	listed	list	VERB
emaj-242	313	21	in	in	ADP
emaj-242	313	22	idx	idx	NOUN
emaj-242	313	23	within	within	ADP
emaj-242	313	24	2007	2007	NUM
emaj-242	313	25	-	-	SYM
emaj-242	313	26	2016	2016	NUM
emaj-242	313	27	periods	period	NOUN
emaj-242	313	28	.	.	PUNCT
emaj-242	314	1	jurnal	jurnal	ADJ
emaj-242	314	2	emba	emba	PROPN
emaj-242	314	3	:	:	PUNCT
emaj-242	314	4	jurnal	jurnal	ADJ
emaj-242	314	5	riset	riset	PROPN
emaj-242	314	6	ekonomi	ekonomi	PROPN
emaj-242	314	7	,	,	PUNCT
emaj-242	314	8	manajemen	manajeman	NOUN
emaj-242	314	9	,	,	PUNCT
emaj-242	314	10	bisnis	bisnis	PROPN
emaj-242	314	11	dan	dan	PROPN
emaj-242	314	12	akuntansi	akuntansi	PROPN
emaj-242	314	13	,	,	PUNCT
emaj-242	314	14	5(3	5(3	NUM
emaj-242	314	15	)	)	PUNCT
emaj-242	314	16	.	.	PUNCT
emaj-242	315	1	lewellen	lewellen	PROPN
emaj-242	315	2	,	,	PUNCT
emaj-242	315	3	j.	j.	PROPN
emaj-242	315	4	(	(	PUNCT
emaj-242	315	5	2004	2004	NUM
emaj-242	315	6	)	)	PUNCT
emaj-242	315	7	.	.	PUNCT
emaj-242	316	1	predicting	predict	VERB
emaj-242	316	2	returns	return	NOUN
emaj-242	316	3	with	with	ADP
emaj-242	316	4	financial	financial	ADJ
emaj-242	316	5	ratios	ratio	NOUN
emaj-242	316	6	.	.	PUNCT
emaj-242	317	1	journal	journal	NOUN
emaj-242	317	2	of	of	ADP
emaj-242	317	3	financial	financial	ADJ
emaj-242	317	4	economics	economic	NOUN
emaj-242	317	5	,	,	PUNCT
emaj-242	317	6	74(2	74(2	NUM
emaj-242	317	7	)	)	PUNCT
emaj-242	317	8	,	,	PUNCT
emaj-242	317	9	209	209	NUM
emaj-242	317	10	-	-	SYM
emaj-242	317	11	235	235	NUM
emaj-242	317	12	.	.	PUNCT
emaj-242	317	13	doi:10.1016	doi:10.1016	PROPN
emaj-242	317	14	/	/	SYM
emaj-242	317	15	j.jfineco.2002.11.002	j.jfineco.2002.11.002	NOUN
emaj-242	317	16	martikainen	martikainen	NOUN
emaj-242	317	17	,	,	PUNCT
emaj-242	317	18	t.	t.	PROPN
emaj-242	317	19	(	(	PUNCT
emaj-242	317	20	1991	1991	NUM
emaj-242	317	21	)	)	PUNCT
emaj-242	317	22	.	.	PUNCT
emaj-242	318	1	modelling	model	VERB
emaj-242	318	2	stock	stock	NOUN
emaj-242	318	3	price	price	NOUN
emaj-242	318	4	behaviour	behaviour	NOUN
emaj-242	318	5	by	by	ADP
emaj-242	318	6	financial	financial	ADJ
emaj-242	318	7	ratios	ratio	NOUN
emaj-242	318	8	.	.	PUNCT
emaj-242	319	1	in	in	ADP
emaj-242	319	2	'	'	PUNCT
emaj-242	319	3	modelling	modelling	NOUN
emaj-242	319	4	for	for	ADP
emaj-242	319	5	financial	financial	ADJ
emaj-242	319	6	decisions	decision	NOUN
emaj-242	319	7	'	'	PART
emaj-242	319	8	(	(	PUNCT
emaj-242	319	9	pp	pp	ADJ
emaj-242	319	10	.	.	PUNCT
emaj-242	319	11	119	119	NUM
emaj-242	319	12	-	-	SYM
emaj-242	319	13	138	138	NUM
emaj-242	319	14	):	):	PUNCT
emaj-242	319	15	springer	springer	NOUN
emaj-242	319	16	.	.	PUNCT
emaj-242	319	17	mkk	mkk	PROPN
emaj-242	319	18	.	.	PUNCT
emaj-242	320	1	(	(	PUNCT
emaj-242	320	2	2020	2020	NUM
emaj-242	320	3	)	)	PUNCT
emaj-242	320	4	.	.	PUNCT
emaj-242	321	1	(	(	PUNCT
emaj-242	321	2	e	e	NOUN
emaj-242	321	3	-	-	NOUN
emaj-242	321	4	veri	veri	ADJ
emaj-242	321	5	)	)	PUNCT
emaj-242	321	6	yıllık	yıllık	NOUN
emaj-242	321	7	i̇statitiki	i̇statitiki	ADJ
emaj-242	321	8	veriler	veriler	NOUN
emaj-242	321	9	.	.	PUNCT
emaj-242	322	1	i̇nternet	i̇nternet	NOUN
emaj-242	322	2	address	address	NOUN
emaj-242	322	3	:	:	PUNCT
emaj-242	322	4	https://www.mkk.com.tr/tr-tr/veridepolama-hizmetleri/e-veri/sayfalar/yillikistatistiki-veriler.aspx	https://www.mkk.com.tr/tr-tr/veridepolama-hizmetleri/e-veri/sayfalar/yillikistatistiki-veriler.aspx	NOUN
emaj-242	322	5	access	access	NOUN
emaj-242	322	6	:	:	PUNCT
emaj-242	322	7	23.10.2020	23.10.2020	NUM
emaj-242	322	8	16.50	16.50	NUM
emaj-242	322	9	oica	oica	NOUN
emaj-242	322	10	.	.	PUNCT
emaj-242	323	1	(	(	PUNCT
emaj-242	323	2	2020	2020	NUM
emaj-242	323	3	)	)	PUNCT
emaj-242	323	4	.	.	PUNCT
emaj-242	324	1	oica	oica	PROPN
emaj-242	324	2	production	production	NOUN
emaj-242	324	3	statistics	statistic	NOUN
emaj-242	324	4	-	-	PUNCT
emaj-242	324	5	sales	sale	NOUN
emaj-242	324	6	statistics	statistic	NOUN
emaj-242	324	7	.	.	PUNCT
emaj-242	325	1	i̇nternet	i̇nternet	NOUN
emaj-242	325	2	address	address	PROPN
emaj-242	325	3	:	:	PUNCT
emaj-242	325	4	http://www.oica.net/category/productionstatistics/2019-statistics/	http://www.oica.net/category/productionstatistics/2019-statistics/	NOUN
emaj-242	325	5	access	access	NOUN
emaj-242	325	6	:	:	PUNCT
emaj-242	325	7	07.08.2020	07.08.2020	NUM
emaj-242	325	8	10.48	10.48	NUM
emaj-242	325	9	oruç	oruç	NOUN
emaj-242	325	10	,	,	PUNCT
emaj-242	325	11	e.	e.	PROPN
emaj-242	325	12	(	(	PUNCT
emaj-242	325	13	2009	2009	NUM
emaj-242	325	14	)	)	PUNCT
emaj-242	325	15	.	.	PUNCT
emaj-242	326	1	i̇mkb’de	i̇mkb’de	NUM
emaj-242	326	2	i̇şlem	i̇şlem	NOUN
emaj-242	326	3	gören	gören	NOUN
emaj-242	326	4	i̇şletmelerin	i̇şletmelerin	ADV
emaj-242	326	5	hisse	hisse	NOUN
emaj-242	326	6	senedi	senedi	PROPN
emaj-242	326	7	getirileri	getirileri	PROPN
emaj-242	326	8	i̇le	i̇le	VERB
emaj-242	326	9	çeşitli	çeşitli	PROPN
emaj-242	326	10	finansal	finansal	PROPN
emaj-242	326	11	göstergeleri	göstergeleri	PROPN
emaj-242	326	12	arasındaki	arasındaki	ADP
emaj-242	326	13	i̇lişki	i̇lişki	PROPN
emaj-242	326	14	.	.	PUNCT
emaj-242	327	1	hitit	hitit	NOUN
emaj-242	327	2	üniversitesi	üniversitesi	PROPN
emaj-242	327	3	sosyal	sosyal	PROPN
emaj-242	327	4	bilimler	bilimler	PROPN
emaj-242	327	5	enstitüsü	enstitüsü	VERB
emaj-242	327	6	dergisi(1	dergisi(1	NOUN
emaj-242	327	7	-	-	PUNCT
emaj-242	327	8	2	2	NUM
emaj-242	327	9	)	)	PUNCT
emaj-242	327	10	.	.	PUNCT
emaj-242	328	1	özkan	özkan	VERB
emaj-242	328	2	,	,	PUNCT
emaj-242	328	3	t.	t.	PROPN
emaj-242	328	4	(	(	PUNCT
emaj-242	328	5	2019	2019	NUM
emaj-242	328	6	)	)	PUNCT
emaj-242	328	7	.	.	PUNCT
emaj-242	329	1	finansal	finansal	PROPN
emaj-242	329	2	yönetim	yönetim	PROPN
emaj-242	329	3	:	:	PUNCT
emaj-242	330	1	kaynakların	kaynakların	PROPN
emaj-242	330	2	yönetimi	yönetimi	PROPN
emaj-242	330	3	(	(	PUNCT
emaj-242	330	4	1st	1st	ADJ
emaj-242	330	5	,	,	PUNCT
emaj-242	330	6	ed	ed	NOUN
emaj-242	330	7	.	.	PROPN
emaj-242	330	8	,	,	PUNCT
emaj-242	330	9	oct	oct	PROPN
emaj-242	330	10	2019	2019	NUM
emaj-242	330	11	):	):	PUNCT
emaj-242	330	12	nobel	nobel	PROPN
emaj-242	330	13	akademik	akademik	PROPN
emaj-242	330	14	yayıncılık	yayıncılık	PROPN
emaj-242	330	15	eğitim	eğitim	ADJ
emaj-242	330	16	danışmanlık	danışmanlık	PROPN
emaj-242	330	17	tic	tic	NOUN
emaj-242	330	18	.	.	PUNCT
emaj-242	331	1	ltd	ltd	PROPN
emaj-242	331	2	.	.	PROPN
emaj-242	331	3	şti	şti	PROPN
emaj-242	331	4	.	.	PUNCT
emaj-242	332	1	volume	volume	NOUN
emaj-242	332	2	12	12	NUM
emaj-242	333	1	no	no	DET
emaj-242	333	2	1	1	NUM
emaj-242	333	3	(	(	PUNCT
emaj-242	333	4	2021	2021	NUM
emaj-242	333	5	)	)	PUNCT
emaj-242	333	6	|	|	ADV
emaj-242	333	7	issn	issn	VERB
emaj-242	333	8	2158	2158	NUM
emaj-242	333	9	-	-	SYM
emaj-242	333	10	8708	8708	NUM
emaj-242	333	11	(	(	PUNCT
emaj-242	333	12	online	online	NOUN
emaj-242	333	13	)	)	PUNCT
emaj-242	333	14	|	|	ADV
emaj-242	333	15	doi	doi	X
emaj-242	333	16	10.5195	10.5195	NUM
emaj-242	333	17	/	/	SYM
emaj-242	333	18	emaj.2022.242	emaj.2022.242	PROPN
emaj-242	333	19	|	|	ADV
emaj-242	333	20	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-242	333	21	effects	effect	NOUN
emaj-242	333	22	of	of	ADP
emaj-242	333	23	changes	change	NOUN
emaj-242	333	24	in	in	ADP
emaj-242	333	25	financial	financial	ADJ
emaj-242	333	26	ratios	ratio	NOUN
emaj-242	333	27	of	of	ADP
emaj-242	333	28	companies	company	NOUN
emaj-242	333	29	on	on	ADP
emaj-242	333	30	the	the	DET
emaj-242	333	31	performance	performance	NOUN
emaj-242	333	32	of	of	ADP
emaj-242	333	33	stock	stock	NOUN
emaj-242	333	34	prices	price	NOUN
emaj-242	333	35	in	in	ADP
emaj-242	333	36	the	the	DET
emaj-242	333	37	exchange	exchange	NOUN
emaj-242	333	38	market	market	NOUN
emaj-242	333	39	:	:	PUNCT
emaj-242	333	40	the	the	DET
emaj-242	333	41	automotive	automotive	ADJ
emaj-242	333	42	sector	sector	NOUN
emaj-242	333	43	page	page	NOUN
emaj-242	333	44	|12|	|12|	NOUN
emaj-242	333	45	emerging	emerge	VERB
emaj-242	333	46	markets	market	NOUN
emaj-242	333	47	journal	journal	NOUN
emaj-242	333	48	pal	pal	NOUN
emaj-242	333	49	,	,	PUNCT
emaj-242	333	50	s.	s.	PROPN
emaj-242	333	51	(	(	PUNCT
emaj-242	333	52	2015	2015	NUM
emaj-242	333	53	)	)	PUNCT
emaj-242	333	54	.	.	PUNCT
emaj-242	334	1	evaluation	evaluation	NOUN
emaj-242	334	2	of	of	ADP
emaj-242	334	3	financial	financial	ADJ
emaj-242	334	4	performance	performance	NOUN
emaj-242	334	5	in	in	ADP
emaj-242	334	6	terms	term	NOUN
emaj-242	334	7	of	of	ADP
emaj-242	334	8	financial	financial	ADJ
emaj-242	334	9	ratios	ratio	NOUN
emaj-242	334	10	-	-	PUNCT
emaj-242	334	11	an	an	DET
emaj-242	334	12	empirical	empirical	ADJ
emaj-242	334	13	study	study	NOUN
emaj-242	334	14	on	on	ADP
emaj-242	334	15	indian	indian	ADJ
emaj-242	334	16	automobile	automobile	NOUN
emaj-242	334	17	industry	industry	NOUN
emaj-242	334	18	.	.	PUNCT
emaj-242	335	1	international	international	ADJ
emaj-242	335	2	journal	journal	PROPN
emaj-242	335	3	of	of	ADP
emaj-242	335	4	business	business	NOUN
emaj-242	335	5	management	management	NOUN
emaj-242	335	6	and	and	CCONJ
emaj-242	335	7	research	research	NOUN
emaj-242	335	8	(	(	PUNCT
emaj-242	335	9	ijbmr	ijbmr	NOUN
emaj-242	335	10	)	)	PUNCT
emaj-242	335	11	,	,	PUNCT
emaj-242	335	12	5(3	5(3	NUM
emaj-242	335	13	)	)	PUNCT
emaj-242	335	14	,	,	PUNCT
emaj-242	335	15	1	1	NUM
emaj-242	335	16	-	-	SYM
emaj-242	335	17	8	8	NUM
emaj-242	335	18	.	.	PUNCT
emaj-242	336	1	pesaran	pesaran	VERB
emaj-242	336	2	,	,	PUNCT
emaj-242	336	3	h.	h.	PROPN
emaj-242	336	4	(	(	PUNCT
emaj-242	336	5	2006	2006	NUM
emaj-242	336	6	)	)	PUNCT
emaj-242	336	7	.	.	PUNCT
emaj-242	337	1	estimation	estimation	NOUN
emaj-242	337	2	and	and	CCONJ
emaj-242	337	3	inference	inference	NOUN
emaj-242	337	4	in	in	ADP
emaj-242	337	5	large	large	ADJ
emaj-242	337	6	heterogeneous	heterogeneous	ADJ
emaj-242	337	7	panels	panel	NOUN
emaj-242	337	8	with	with	ADP
emaj-242	337	9	a	a	DET
emaj-242	337	10	multifactor	multifactor	NOUN
emaj-242	337	11	error	error	NOUN
emaj-242	337	12	structure	structure	NOUN
emaj-242	337	13	.	.	PUNCT
emaj-242	338	1	econometrica	econometrica	PROPN
emaj-242	338	2	:	:	PUNCT
emaj-242	338	3	journal	journal	NOUN
emaj-242	338	4	of	of	ADP
emaj-242	338	5	the	the	DET
emaj-242	338	6	econometric	econometric	ADJ
emaj-242	338	7	society	society	NOUN
emaj-242	338	8	,	,	PUNCT
emaj-242	338	9	74(4	74(4	NUM
emaj-242	338	10	)	)	PUNCT
emaj-242	338	11	,	,	PUNCT
emaj-242	338	12	967	967	NUM
emaj-242	338	13	-	-	SYM
emaj-242	338	14	1012	1012	NUM
emaj-242	338	15	.	.	PUNCT
emaj-242	339	1	pesaran	pesaran	PROPN
emaj-242	339	2	,	,	PUNCT
emaj-242	339	3	h.	h.	PROPN
emaj-242	339	4	,	,	PUNCT
emaj-242	339	5	ullah	ullah	PROPN
emaj-242	339	6	,	,	PUNCT
emaj-242	339	7	a.	a.	NOUN
emaj-242	339	8	,	,	PUNCT
emaj-242	339	9	and	and	CCONJ
emaj-242	339	10	yamagata	yamagata	PROPN
emaj-242	339	11	,	,	PUNCT
emaj-242	339	12	t.	t.	PROPN
emaj-242	339	13	(	(	PUNCT
emaj-242	339	14	2008	2008	NUM
emaj-242	339	15	)	)	PUNCT
emaj-242	339	16	.	.	PUNCT
emaj-242	340	1	a	a	DET
emaj-242	340	2	biasadjusted	biasadjuste	VERB
emaj-242	340	3	lm	lm	NOUN
emaj-242	340	4	test	test	NOUN
emaj-242	340	5	of	of	ADP
emaj-242	340	6	error	error	NOUN
emaj-242	340	7	cross	cross	ADJ
emaj-242	340	8	-	-	ADJ
emaj-242	340	9	section	section	ADJ
emaj-242	340	10	independence	independence	NOUN
emaj-242	340	11	.	.	PUNCT
emaj-242	341	1	econometrics	econometric	NOUN
emaj-242	341	2	journal	journal	NOUN
emaj-242	341	3	,	,	PUNCT
emaj-242	341	4	11	11	NUM
emaj-242	341	5	,	,	PUNCT
emaj-242	341	6	105127	105127	NUM
emaj-242	341	7	.	.	PUNCT
emaj-242	342	1	doi:10.1111	doi:10.1111	ADJ
emaj-242	342	2	/	/	SYM
emaj-242	342	3	j.1368	j.1368	PROPN
emaj-242	342	4	-	-	PUNCT
emaj-242	342	5	423x.2007.00227.x	423x.2007.00227.x	PROPN
emaj-242	342	6	pesaran	pesaran	NOUN
emaj-242	342	7	,	,	PUNCT
emaj-242	342	8	h.	h.	PROPN
emaj-242	342	9	m.	m.	PROPN
emaj-242	342	10	(	(	PUNCT
emaj-242	342	11	2007	2007	NUM
emaj-242	342	12	)	)	PUNCT
emaj-242	342	13	.	.	PUNCT
emaj-242	343	1	a	a	DET
emaj-242	343	2	simple	simple	ADJ
emaj-242	343	3	panel	panel	NOUN
emaj-242	343	4	unit	unit	NOUN
emaj-242	343	5	root	root	NOUN
emaj-242	343	6	test	test	NOUN
emaj-242	343	7	in	in	ADP
emaj-242	343	8	the	the	DET
emaj-242	343	9	presence	presence	NOUN
emaj-242	343	10	of	of	ADP
emaj-242	343	11	cross	cross	ADJ
emaj-242	343	12	-	-	ADJ
emaj-242	343	13	section	section	ADJ
emaj-242	343	14	dependence	dependence	NOUN
emaj-242	343	15	.	.	PUNCT
emaj-242	344	1	journal	journal	NOUN
emaj-242	344	2	of	of	ADP
emaj-242	344	3	applied	applied	ADJ
emaj-242	344	4	econometrics	econometric	NOUN
emaj-242	344	5	,	,	PUNCT
emaj-242	344	6	22	22	NUM
emaj-242	344	7	,	,	PUNCT
emaj-242	344	8	265	265	NUM
emaj-242	344	9	-	-	SYM
emaj-242	344	10	312	312	NUM
emaj-242	344	11	.	.	PUNCT
emaj-242	344	12	doi:10.1002	doi:10.1002	NOUN
emaj-242	344	13	/	/	SYM
emaj-242	344	14	jae.951	jae.951	PROPN
emaj-242	344	15	tatoğlu	tatoğlu	PROPN
emaj-242	344	16	,	,	PUNCT
emaj-242	344	17	f.	f.	PROPN
emaj-242	344	18	y.	y.	PROPN
emaj-242	344	19	(	(	PUNCT
emaj-242	344	20	2018	2018	NUM
emaj-242	344	21	)	)	PUNCT
emaj-242	344	22	.	.	PUNCT
emaj-242	345	1	panel	panel	NOUN
emaj-242	345	2	veri	veri	PROPN
emaj-242	345	3	ekonometrisi	ekonometrisi	PROPN
emaj-242	345	4	stata	stata	PROPN
emaj-242	345	5	uygulamalı	uygulamalı	NOUN
emaj-242	345	6	(	(	PUNCT
emaj-242	345	7	4th	4th	ADJ
emaj-242	345	8	ed	ed	NOUN
emaj-242	345	9	.	.	PUNCT
emaj-242	345	10	)	)	PUNCT
emaj-242	345	11	.	.	PUNCT
emaj-242	346	1	i̇stanbul	i̇stanbul	ADV
emaj-242	346	2	:	:	PUNCT
emaj-242	347	1	beta	beta	ADJ
emaj-242	347	2	basım	basım	NOUN
emaj-242	347	3	yayım	yayım	PROPN
emaj-242	347	4	dağıtım	dağıtım	PROPN
emaj-242	347	5	a.ş	a.ş	PROPN
emaj-242	347	6	.	.	PROPN
emaj-242	347	7	westerlund	westerlund	PROPN
emaj-242	347	8	,	,	PUNCT
emaj-242	347	9	j.	j.	PROPN
emaj-242	347	10	(	(	PUNCT
emaj-242	347	11	2008	2008	NUM
emaj-242	347	12	)	)	PUNCT
emaj-242	347	13	.	.	PUNCT
emaj-242	348	1	panel	panel	NOUN
emaj-242	348	2	cointegration	cointegration	NOUN
emaj-242	348	3	tests	test	NOUN
emaj-242	348	4	of	of	ADP
emaj-242	348	5	the	the	DET
emaj-242	348	6	fisher	fisher	PROPN
emaj-242	348	7	effect	effect	NOUN
emaj-242	348	8	.	.	PUNCT
emaj-242	349	1	journal	journal	NOUN
emaj-242	349	2	of	of	ADP
emaj-242	349	3	applied	applied	ADJ
emaj-242	349	4	econometrics	econometric	NOUN
emaj-242	349	5	,	,	PUNCT
emaj-242	349	6	23	23	NUM
emaj-242	349	7	,	,	PUNCT
emaj-242	349	8	193	193	NUM
emaj-242	349	9	-	-	SYM
emaj-242	349	10	233	233	NUM
emaj-242	349	11	.	.	PUNCT
emaj-242	350	1	yaman	yaman	PROPN
emaj-242	350	2	,	,	PUNCT
emaj-242	350	3	s.	s.	PROPN
emaj-242	350	4	,	,	PUNCT
emaj-242	350	5	korkmaz	korkmaz	PROPN
emaj-242	350	6	,	,	PUNCT
emaj-242	350	7	t.	t.	PROPN
emaj-242	350	8	,	,	PUNCT
emaj-242	350	9	and	and	CCONJ
emaj-242	350	10	açıkgöz	açıkgöz	PROPN
emaj-242	350	11	,	,	PUNCT
emaj-242	350	12	e.	e.	PROPN
emaj-242	350	13	(	(	PUNCT
emaj-242	350	14	2017	2017	NUM
emaj-242	350	15	)	)	PUNCT
emaj-242	350	16	.	.	PUNCT
emaj-242	351	1	pay	pay	VERB
emaj-242	351	2	getirilerine	getirilerine	PROPN
emaj-242	351	3	etki	etki	PROPN
emaj-242	351	4	eden	eden	PROPN
emaj-242	351	5	finansal	finansal	PROPN
emaj-242	351	6	oranların	oranların	PROPN
emaj-242	351	7	panel	panel	PROPN
emaj-242	351	8	veri	veri	PROPN
emaj-242	351	9	analiz	analiz	PROPN
emaj-242	351	10	yöntemi	yöntemi	PROPN
emaj-242	351	11	i̇le	i̇le	PROPN
emaj-242	351	12	tespiti	tespiti	PROPN
emaj-242	351	13	:	:	PUNCT
emaj-242	351	14	bi̇st	bi̇st	PRON
emaj-242	351	15	gıda	gıda	ADJ
emaj-242	351	16	firmaları	firmaları	X
emaj-242	351	17	üzerine	üzerine	PROPN
emaj-242	351	18	bir	bir	PROPN
emaj-242	351	19	uygulama	uygulama	PROPN
emaj-242	351	20	.	.	PUNCT
emaj-242	352	1	ömer	ömer	PROPN
emaj-242	352	2	halisdemir	halisdemir	PROPN
emaj-242	352	3	üniversitesi	üniversitesi	PROPN
emaj-242	352	4	i̇ktisadi	i̇ktisadi	PROPN
emaj-242	352	5	ve	ve	ADP
emaj-242	352	6	i̇dari	i̇dari	ADJ
emaj-242	352	7	bilimler	bilimler	PROPN
emaj-242	352	8	fakültesi	fakültesi	PROPN
emaj-242	352	9	dergisi	dergisi	PROPN
emaj-242	352	10	,	,	PUNCT
emaj-242	352	11	10(4	10(4	NUM
emaj-242	352	12	)	)	PUNCT
emaj-242	352	13	,	,	PUNCT
emaj-242	352	14	187	187	NUM
emaj-242	352	15	-	-	SYM
emaj-242	352	16	204	204	NUM
emaj-242	352	17	.	.	PUNCT
emaj-242	353	1	yuniningsih	yuniningsih	PROPN
emaj-242	353	2	,	,	PUNCT
emaj-242	353	3	y.	y.	PROPN
emaj-242	353	4	,	,	PUNCT
emaj-242	353	5	hasna	hasna	NOUN
emaj-242	353	6	,	,	PUNCT
emaj-242	353	7	n.	n.	PROPN
emaj-242	353	8	a.	a.	PROPN
emaj-242	353	9	,	,	PUNCT
emaj-242	353	10	wajdi	wajdi	NOUN
emaj-242	353	11	,	,	PUNCT
emaj-242	353	12	b.	b.	PROPN
emaj-242	353	13	n.	n.	PROPN
emaj-242	353	14	,	,	PUNCT
emaj-242	353	15	and	and	CCONJ
emaj-242	353	16	widodo	widodo	PROPN
emaj-242	353	17	,	,	PUNCT
emaj-242	353	18	s.	s.	PROPN
emaj-242	353	19	(	(	PUNCT
emaj-242	353	20	2018	2018	NUM
emaj-242	353	21	)	)	PUNCT
emaj-242	353	22	.	.	PUNCT
emaj-242	354	1	financial	financial	ADJ
emaj-242	354	2	performance	performance	NOUN
emaj-242	354	3	measurement	measurement	NOUN
emaj-242	354	4	of	of	ADP
emaj-242	354	5	with	with	ADP
emaj-242	354	6	signaling	signal	VERB
emaj-242	354	7	theory	theory	NOUN
emaj-242	354	8	review	review	NOUN
emaj-242	354	9	on	on	ADP
emaj-242	354	10	automotive	automotive	ADJ
emaj-242	354	11	companies	company	NOUN
emaj-242	354	12	listed	list	VERB
emaj-242	354	13	in	in	ADP
emaj-242	354	14	indonesia	indonesia	PROPN
emaj-242	354	15	stock	stock	PROPN
emaj-242	354	16	exchange	exchange	PROPN
emaj-242	354	17	.	.	PUNCT
emaj-242	355	1	ijebd	ijebd	PROPN
emaj-242	355	2	(	(	PUNCT
emaj-242	355	3	international	international	ADJ
emaj-242	355	4	journal	journal	NOUN
emaj-242	355	5	of	of	ADP
emaj-242	355	6	entrepreneurship	entrepreneurship	NOUN
emaj-242	355	7	and	and	CCONJ
emaj-242	355	8	business	business	NOUN
emaj-242	355	9	development	development	NOUN
emaj-242	355	10	)	)	PUNCT
emaj-242	355	11	,	,	PUNCT
emaj-242	355	12	1(2	1(2	NUM
emaj-242	355	13	)	)	PUNCT
emaj-242	355	14	,	,	PUNCT
emaj-242	355	15	167	167	NUM
emaj-242	355	16	-	-	SYM
emaj-242	355	17	177	177	NUM
emaj-242	355	18	.	.	PUNCT